- ETH price is struggling to break the key resistance as the price continues to trade in a range that mimics the price of Bitcoin.
- ETH continues to struggle as the price is trading near the demand zone.
- ETH price continues to look indecisive as the price trades below the 50 and 200 Exponential Moving Average (EMA) on the daily timeframe.
Ethereum (ETH) price has looked like it has lost its momentum to rally against Tether (USDT) lately as the price has been stuck in a range bound move for over weeks. Despite the uncertainty that has hit the crypto market over the past few weeks as the price of Bitcoin (BTC) and other crypto assets like Ethereum (ETH) has seen a slight setback in their price action, ETH’s price has shown little to no volatility in its price action as many fear the price is losing its key support. (Binance data)
Ethereum (ETH) price analysis on the weekly chart.
The bear market has been good and favorable for most projects as this has been a tough time as most projects have seen prices drop over 50% and has discouraged most traders and investors from holding these assets.
Before the “Ethereum Merge”, ETH price saw a rise and rally against ETH price as the price then surpassed BTC with many clamoring for $4,000 ETH, but that was just a wish.
Post-merger ETH price has become a shadow of itself after the price surged from a weekly low of $1,000 to a high of $2,030 before seeking a rejection of its price as ETH price tries to break resistance to break through at $2,030.
ETH price saw a drop in price from this region; The price attempted to form support at $1,600 but lost that support as the current market condition continues to look tough and challenging. ETH price fell to a low of $1,260 and acted as a key support as the price bounced off this region to a high of $1,300 as the price continued to hold sell-offs.
Weekly resistance for ETH price – $1,400.
Weekly support for ETH price – $1,260.
ETH price analysis on the daily chart (1D).
Daily ETH price chart | Source: ETHUSDT On Tradingview.com
On the daily timeframe, ETH price continued to look indecisive as the price trends are in a rectangular channel with a range bound movement.
ETH price was rejected from a high of $1,430 as the price ranged while preparing to break out to either the upside or the downside.
ETH price needs to break out to the upside and close above this range to continue a relief bounce for its price; If ETH’s price fails to break out, we would see $1,260-$1,300 being tapped more frequently and could see ETH trading lower if these supports are broken.
Daily resistance for ETH price – $1,400.
Daily support for ETH price – $1,260.
Featured image by zipmex, charts by Tradingview
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