- ETH price reclaims $1,600, rallying from a low of $1,200 but struggles to trend higher
- ETH price trades above the daily 50 and 200 Exponential Moving Averages (EMA) as the price faces more resistance
The price of Ethereum (ETH) has continued to show strength, holding above the key region of $1,600 after rallying from its weekly low of $1,200 as price eyes a major price move to a high of $2,000.
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Since reaching the mark of $2,000 during its cause of “Ethereum Merge,” with many speculations of the price rallying to a high of $4,000 after its merge, the price of Ethereum has continued to struggle as price suffered a decline in price from a region of $2,030 to a low of $1,050 as the price bounced swiftly from this region acting as demand zone for ETH price.
With the collapse of many crypto projects like LUNA, FTX, and the latest Genesis filing for bankruptcy, this trend in the current bear market has affected many crypto projects and the prices of others with strong fundamentals.
ETH price hasn’t been left out of the bear market madness as the price continued to face major upset until recently; the price continued to show more relief signs as many continue to speculate if the bottom of these projects is in.
Ethereum (ETH) Price Analysis On The Four-Hourly (4H) Chart
Despite the uncertainty about the direction the market would turn to next, the price of ETH continues to show immense strength. The 4H Chart shows the price of ETH forming a bearish divergence, and this could lead to a minor price decline to a region of $1 500 to $1,400, depending on the sell-off.
The long-term Chart shows the price of ETH is in a healthy state to rally to a region of $2,000 if there is high demand for prices around this current region of $1,600.
Major ETH Resistance On The 4H Chart – $1,700
Major ETH Support On The 4H Chart – $1,430
Image From Bitcoinnews, Chart From Tradingview
