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

• 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)

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.

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.