Ethereum Price Analysis: ETH at Critical Support, Will it Drop to $1200?

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• Ethereum’s price has found substantial support amid the $1450 price range.
• If ETH sustains this level, traders can expect another bullish leg toward the crucial resistance level of $1700K.
• ETH is likely to break out of the range in the coming days between the lower threshold at roughly $1410 and the static resistance region at $1500.

Ethereum Price Analysis

Despite the ongoing bearish sentiment among market participants following the recent turmoil of SVB bank and its effect on USDC, Ethereum’s price has found substantial support amid the $1450 price range. The upcoming days will be crucial to see whether ETH can hold the critical level or continue its negative sentiment.

Technical Analysis

By Shayan: After breaking above the upper trend-line of a symmetrical triangle and consolidating for an extended period, Ethereum’s price has declined and is now retesting a previous breakout level at $1450. If ETH sustains this level, traders can expect another bullish leg towards a critical resistance level of $1700K. However, if it drops below that trend line, a plunge towards a support level at around$1.200 may be imminent.

4-Hour Chart

The price of ETH has been following an ascending channel (as shown below). However, it recently dropped below its middle equilibrium line resulting in a cascade. Nevertheless, it has now reached its lower boundary finding some temporary support. The price is ‘stuck’ in a tight range between a lower threshold at roughly $1410 and static resistance region at around$1500.

Outlook

ETH is likely to break out of this range in the coming days which may determine if it continues on to reach higher resistances or falls back into previous lows.

Conclusion

< p > It remains yet to be seen which direction Ethereum will take from here but with strong supports in place it could indicate further positive developments ahead .