ETH price holds above $1,200 as bulls don’t want to let go of a price below key support Price continues to trade below 50 and 200 Exponential Moving Average (EMA) on the daily timeframe. ETH price bounced on the four-hourly chart after a bullish divergence appeared. The price of Ethereum (ETH) has shown less bullish sentiment after its much anticipated “Ethereum Merge.” Ethereum saw its price plummet against tether (USDT) following the Federal Open Market Committee news (FOMC). The Federal Reserve raised its target interest rate by 75 bps, negatively affecting the price of ETH. (Data from Binance) Related Reading: Why “Low” Capitulation Might Hint At More Pain For The Bitcoin Price Ethereum (ETH) Price Analysis On The Weekly Chart The price of ETH continues to struggle to keep its head afloat after seeing the weekly candle closing bearish, with the new week looking more bearish ahead of the expected FOMC meeting. ETH price tried showing some relief bounce ahead of the new week as price moved to a region of $1,370, but this bounce was cut short as the news of an increased rate hike harmed the price seeing the price of ETH to a weekly low of $1,250 before bouncing off that region as price reclaimed $1,300. The price of ETH needs to move to a high of $1,500 to remain safe from falling lower to its crucial support. If the price of ETH continues with this structure, we could see the price of ETH breaking the suppo...
