Ethereum Gains So Much Demand To Buy At $500, Will This Be Possible?

• ETH prices continue to trend downwards as prices remain bearish, with price trading on critical support. 
• ETH trades below 50 and 200-day Exponential Moving Average as price struggles to regain bullish signs as many traders and investors wish for $500. 
• The price of ETH needs to break and hold above the key resistance of $1,400 to initiate recovery signs for the price. 

The price of Ethereum (ETH) continues to struggle to discover its bullish trend before the “Ethereum Merge” as the price fails to break the key resistance of $1,400 against tether (USDT). Ethereum (ETH) and other crypto assets enjoyed a relief bounce in previous weeks that saw the crypto market cap looking good for cryptocurrencies across the industry, with many producing double-digit gains. (Data from Binance) 

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Ethereum (ETH) Price Analysis On The Weekly Chart.

Life after post “Ethereum Merge” has not been easy for the Ethereum price, with many traders and investors expecting a rally to a region of $5,000. Despite showing some great price movement in recent weeks, the price of ETH has continued to maintain a downtrend as it faces a crucial test to hold above $1,200 or defer the odds and go lower.

After the price of ETH rallied from a weekly low of $900, the price went to a high of $2,013, as many expected the price to form a base or support before continuation ahead of the scheduled merge.

The price of ETH was rejected at $2,013, and the price has since struggled to regain its bullish strength as many traders are anticipating a drop to the region of $700-$500 as these zones have been identified as high-demand areas for the price of ETH.

ETH currently trades at $1,290, holding its price from falling below the support it has formed at $1,270-$1,200; a drop below this zone could mean a retest of $1000-$900 region again.

Weekly resistance for the price of ETH – $1,400.

Weekly support for the price of ETH – $1,270-$1,200.

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

In the daily timeframe, the price of ETH continues to trade below the 50, and 200 Exponential Moving Average (EMA) as the price continues to range in a channel with price struggling to break in either side.

The prices of $1,424 and $1,800 correspond to the prices at 50 and 200 EMA acting as resistance for ETH.

The price of ETH needs to reclaim $1,400 for the price to look safe; a drop to $900 could trigger a more retracement to a region of $700-$500 due to panic selling with investors and whales waiting for such a juicy price.

Daily resistance for the ETH price – $1,424.

Daily support for the ETH price – $1,270-$1,200.

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Featured Image From NullTX, Charts From Tradingview

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