Ethereum Price Analysis: Can ETH Hold Critical Support or Plunge to $1200?

• 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.
• The price of ETH has been following an ascending price channel but recently dropped below the middle equilibrium line, resulting in a cascade.

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

Daily Chart: After breaking above the upper trend-line of the symmetrical triangle and consolidating for an extended period, the price of Ethereum has declined and is currently retesting the previous breakout level at $1450. If ETH sustains this level, traders can expect another bullish leg toward the crucial resistance level of $1700K. However, if the price drops below the trend line, a plunge toward the $1.2K support level may be imminent.

4-Hour Chart: The price of ETH has been following an ascending price channel (as shown below). However, it recently dropped below the middle equilibrium line, resulting in a cascade. Nevertheless,the price is ’stuck‘ in a tight range between lower threshold at roughly $1410 and static resistance region at $1500.

Critical Support Level

The 200-day moving average aligns with upper trend-line at around $1450 providing solid support for Ethereum’s current position in market; however if it fails to sustain this level it could lead to further breakdown towards$1200.

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Potential Breakout

If Ethereum breaks out from its current range between lower threshold at roughly 1410 and static resistance region at 1500 we could see further upwards movement towards 17000.

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Conclusion

The next few days are critical for determining whether Ethereum holds its current position or continues its downward momentum . For now ,it seems that any potential breakdowns will result in losses while any breakouts could lead to profits.