The basic levels of the week for Ethereum, known as the biggest altcoin, have been declared. These levels can give financial backers a thought.
In the last two days, the crypto market has seen a serious change in sentiment, with the price of Ethereum (ETH) and other altcoins struggling to stay strong after the news that Binance will not take over FTX after conducting due diligence. In the previous weeks, the price of Ethereum (ETH) had performed well, rising from $1,300 to $1,680.
Most of the altcoins tended to rise as DOGE made gains of over 200%, including a rise from $0.055 to $0.15, and many were hoping for a further recovery. Nevertheless, these expectations were short-lived due to the uncertainty surrounding the crypto market, leading to a great fear about where the market is going.
What is the Status of Ethereum in the Weekly Review?
The past few days have been filled with a lot of swings in the crypto space, as many altcoins tried to show strength after losing their fundamental support, which prevented the price decline. The current uncertainty surrounding the market has caused traders and investors to be reluctant to make altcoin purchases, because they cannot see any assurance whether they will rise anytime soon.
The news that Binance saved the situation by taking over FTX briefly quelled unrest in the crypto space, but the subsequent abandonment led to a lot of tension and caused most altcoins, including the ETH price, to suffer in price.
The price of ETH saw its price fall to a weekly low of $1,100 before making a jump. The price showed great strength in a region of $1,300 while aiming for a more solid break. It may be that the price of ETH needs to rise to a region of $ 1,450, acting as a demand zone to protect against sales.
ETH Price Analysis on the Daily (1D) Chart
The price of ETH continues to remain quite strong in the daily time frame, as it is trading above the $1,100 support after bouncing from the $1,200 zone, where ETH lost the demand zone to the bears.
If the ETH price rises above $1,500, we could see a further rally for the ETH price; a descent below a $1,100 zone could lead to further selling for ETH.
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