Wednesday, April 17, 2024

Ethereum Bears Roar As Price Struggles; Here Is Why Bulls Must Defend $1,000

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  •  ETH’s price reclaims its demand zone of $1,200 as price bounces to a region of $1,250 despite market turmoil. 
  •  ETH’s price continues to show strength after a bearish downtrend with the market’s current state, as things look uncertain for most traders and investors. 
  • ETH’s price bounces from a low of $1,100 on the daily timeframes as the price aims for a recovery toward the 50 Exponential Moving Average (EMA)

In the last two days, the crypto market has seen some drastic shift in sentiment, with Ethereum (ETH) and the price of other altcoins battling for survival after the news that Binance would not be taking over FTX after conducting due diligence. Previous weeks saw the price of Ethereum (ETH) perform well, rallying from a low of $1,300 to a high of $1,680. Most altcoins trend higher as many produced gains of over 200%, including DOGE rallying from a region of $0.55 to a high of $0.15, with many hoping for more recovery bounce. Still, these expectations were cut short by the uncertainty surrounding the crypto market, leading to much fear about where the market is headed. (Data from Binance)

Ethereum (ETH) Price Analysis On The Weekly Chart

The past few days have been filled with so much turbulence in the crypto space as many altcoins have struggled to show strength after losing their key support holding off price decline.

The current uncertainty surrounding the market has resulted in reluctance on the part of traders and investors to make altcoin purchases, as there is no assurance if they would be heading up any time soon.

The news of Binance rescuing the situation by taking over FTX led to so much tension as the crypto space remains unsettled, leading to most altcoins suffering in price, including the price of ETH. 

The price of ETH saw its price decline to a weekly low of $1,100 before bouncing off this region, showing some great strength to a region of $1,300 as the price aims to break higher. The price of ETH needs to rally to a region of $1,450, acting as a demand zone to remain safe from sell-off. 

Weekly resistance for the price of ETH – $1,500.

Weekly support for the price of ETH – $1,100.

Price Analysis Of ETH On The Daily (1D) Chart

Daily ETH Price Chart | Source: ETHUSDT On

The price of ETH remains considerably strong in the daily timeframe as the price trades above $1,200 support after bouncing off from the region of $1,100, which saw ETH losing its demand zone to the bears. 

If the price of ETH breaks above $1,500, we could see more rallies for ETH price; a break below a region of $1,100 would lead to more sell-offs for ETH. 

Daily resistance for the ETH price – $1,500.

Daily support for the ETH price – $1,100.

Featured Image From zipmex, Charts From Tradingview

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