Price Analysis

Ethereum Price Continues to Hover at $1000! What’s in Store For Weekend For ETH Price

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Jun 17, 2022

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Highlights

    Ethereum price for the past couple of days been constantly testing the lower support close to $1000 levels

    The upcoming weekend may turn the tables for the ETH price as significant volatility may be induced

Ethereum price from the past a week appears to be perplexed by the upcoming move as the bears seem to be in a state of euphoria. The weekly RSI of the asset has bottomed hard, specifically at the lowest point ever.

But still, the asset strongly holds above $1060, maybe because the 3AC’s 212 K ETH could be liquidated at $1014 or below. 

While the asset has been testing these levels multiple times, the possibility of a breakdown is also pretty high. However, the ETH price crypto is yet trading along the parabolic growth curve along with a fear of a plunge to $622 levels in the near future. 

Also Read: Is Circle’s USC Coin(USDC) Becoming the More Preferred Stablecoin than Tether(USDT)?

Source: Tradingview

As mentioned above, the weekly RSI has broken this week below its 1W 200-day MA levels for the first time since October 2020. This compelled the price to test the lower Logarithmic Growth Curve.

The ETH price is currently at one of the strongest support zones but is yet to meet another condition of a pattern formed which lies along with the FIB levels. 

Ethereum price during each bearish cycle drops from 0 FIB levels to 0.5 FIB levels, marking the bottom of the cycle. However, presently, the asset is yet to reach these levels which woefully lies much lower than current levels at $625.

Interestingly, these levels also coincide with the 5-year higher-lows trendline. If the Ethereum (ETH) price breaks down from the Growth curve, it may drop down to the lower support at the trendline at $625 soon. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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