Thursday, June 13, 2024

Ethereum Loses Demand Zone Again As Bears Dominate – Is $700 Realistic For Investors?

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  • ETH price losses key demand zone of $1,200 again
  • Price remains weak as bears battle bulls; so much uncertainty in the market 
  • ETH price gets rejected from a low of $1,220 on the high timeframe

The price of Ethereum (ETH) trading below $1,200 continues as the price faced rejection, breaking and trending higher to a region of $1,300 after showing from price action bouncing off from its weekly low of $1,080.

In the high timeframe, the price of Ethereum (ETH) looks weak, with a probable result of a downtrend movement compared to an upside. Despite the relief bounce and uncertainty surrounding the crypto market, the FTX fiasco continues to act as a catalyst for the market to bottom out.

The Domino effect of the FTX saga and other large investors has stalled the market, as it has yet to make a significant move, raising concerns about the market’s direction. (Data from Binance)

Ethereum (ETH) Price Analysis On The Weekly Chart

Despite the relief bounce across the market, with the price of ETH rallying from a weekly low of $1,080 to a high of $1,220, the crypto market remains uncertain and turbulent, affecting the price of Ethereum (ETH). Many altcoins are struggling for survival, trying to stay afloat as the prices of altcoins continue a downward price movement.  

With so much news of a capitulation imminent for all crypto assets coupled with the FTX and other crypto projects suffering from bankruptcy, the bottom could be in soon.

ETH’s price had a weekly close below a crucial area of $1,200 after showing so much strength rallying from a weekly low of $1,080 to a high of $1,220 as the price was unable to break above $1,250. 

After ETH’s price declined from a high of $1,220 to a region of $1,170, the price has struggled to regain such strength it has rallied to this high with more growing speculation of price retesting the region of $700.

Weekly resistance for the price of ETH – $1,250.

Weekly support for the price of ETH – $1,000.

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

Daily ETH Price Chart | Source: ETHUSDT On

The price of BTC remains considerably weak in the daily timeframe after closing below $1,250. With ETH’s price unable to break and close above $1,300, there are growing chances of price retesting the regions of $700.

ETH’s price currently trades at $1,174 below the 50 and 200 EMA, acting as resistance for the price of ETH from trading higher. The price of ETH needs to break above $1,400 and $1,700 for the price of ETH to kickstart the price recovery plan.

Daily resistance for the ETH price – $1,400 & $1,700.

Daily support for the ETH price – $1,000-$900.

Featured Image From Reuters, Charts From Tradingview 

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