Ethereum Price at Critical Support: Breakdown Could Send it to $1200
• Ethereum’s price has found substantial support at $1450.
• If ETH sustains this level, traders can expect another bullish leg toward the crucial resistance level of $1700K.
• The price of ETH is currently ‘stuck’ in a tight range between the lower threshold at roughly $1410 and the static resistance region at $1500.
Ethereum Price Analysis
The recent turbulence in SVB Bank and its effect on USDC have caused a bearish sentiment among market participants. Despite this, Ethereum’s price has found substantial support within the $1450 price range. The upcoming days will be crucial to see if ETH can hold this critical level or continue its negative trend.
The daily chart reveals that after breaking above the upper trend-line of the symmetrical triangle and consolidating for an extended period, Ethereum’s price has declined and is currently retesting the previous breakout level at $1450. If it sustains this level, traders can expect another bullish leg towards a crucial resistance level of $1700K. However, if it drops below the trend line, a plunge towards the $1.2K support level may be imminent as both are aligned with 200-day moving average at $1450 providing solid support levels.
4-Hour Chart Analysis
The 4-hour chart shows that Ethereum’s price has been following an ascending channel but recently dropped below its middle equilibrium line resulting in a cascade downwards. Nevertheless, it now reached the channel’s lower boundary temporarily finding support there as well as within a tight range between roughly $1410 and static resistance regions of around $1500. ETH is likely to break out of this range in either direction depending on whether or not it can sustain itself near current levels or continue declining further towards more bearish sentiment.
In conclusion, Ethereum’s future lies heavily dependent on whether or not it holds onto its current support levels near around 1450 USDT mark or continues to decline further into bearish territory possibly even reaching 1200 USDT mark if broken down further from hereon out making next few days absolutely crucial in determining future path forward for cryptocurrency giant Ethereum (ETH).
• Ethereum’s current fate depends heavily on whether it can hold onto its critical price point near 1450 USDT or falls back into bearish territory possibly even reaching 1200 USDT mark if broken down further from hereon out • Next few days will be absolutely essential in determining future path forward for cryptocurrency giant Ethereum (ETH) • A break above upper trend-line could lead to another bullish leg while break down from hereon out could spell disaster for cryptocurrency
Comments are closed.