- ETH price holds above $1,200 as bulls don’t want to leave price below key support
- Price continues to trade below the 50 and 200 moving averages (EMA) on the daily time frame.
- ETH price rose after a higher divergence on the four-hour chart.
Ethereum (ETH) price showed less bullishness after the highly anticipated “Ethereum Consolidation”. Ethereum saw its price drop against Tether (USDT) following the Federal Open Market Committee (FOMC) news. The Federal Reserve has raised interest rates by 75 bps, which has had a negative impact on the price of ETH. (Data from Binance)
Ethereum (ETH) price analysis on the weekly chart
The price of ETH continues to struggle to hold its head after seeing a doldrums close to the weekly candle, with the new week looking more bearish ahead of the expected FOMC meeting.
ETH price tried to show some relief ahead of the new week as the price moved towards the $1,370 range, but this rout was cut short as news of a further price hike saw ETH price hit a weekly low of $1,250. Clearing that range as price returns to $1,300.
The price of ETH needs to go to the high $1,500 to be safe from falling below the critical support. If the price of ETH continues in this structure, we can see that the price of ETH will break the support of $1,200 and go down to $1,024, there will be more demand for the price of ETH.
ETH price is currently facing resistance to break above $1,324; If ETH fails to break and hold above this support zone, we could see the price move towards the $1,200 key support and lower if this support does not contain sell orders.
Weekly resistance for ETH price – $1,324.
Weekly support for ETH price – $1,200.
ETH price analysis on a four-hour (4H) chart
The 4H time frame for ETH prices will continue to move within range as the price retests the lows of $1,250. The price of ETH rose from this range after a significant divergence and the price rose to a high of $1,320 before facing a major breaking resistance.
The price of ETH needs to return to $1,400 to get a higher conversion rate.
In the 4H timeframe, the ETH price is currently at $1,310, below the 50 and 200 Exponential Moving Average (EMA), which serves as resistance for the ETH price. The price of $1,400 and $1,540 corresponds to the resistance at the 50 and 200 EMA for ETH price. ETH price needs to recover the 50 EMA to have a chance to move to $1,500.
ETH’s relative strength index is below 50, indicating few buy orders.
Four-hour resistance for the price of ETH – 1,400 dollars.
Four-hour support for ETH price – $1200.
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