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Market News ETH Bulls to Target $1,230 or Face Sub-$1,200 on SBF News Updates

ETH Bulls to Target $1,230 or Face Sub-$1,200 on SBF News Updates

This morning, ETH and BTC traded in constrained ranges. Today's emphasis will be on US economic statistics, FTX and SBF updates, and rising regulatory risk.

Eric Stanberg

2022-12-23

370

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On Wednesday, Ethereum (ETH) decreased by 0.25%. The day's closing price for ETH was $1,214, somewhat erasing a Tuesday's gain of 4.20%. For the second time in six sessions, ETH finished the day trading at $1,200.

While trading inside a narrow range the whole day, ETH dropped to a mid-morning low of $1,203 and then climbed to a mid-afternoon high of $1,223. ETH finished the day at $1,214 while staying clear of the Major Support and Resistance Levels.

Bitcoin (BTC) decreased by 0.47% on Wednesday. BTC finished the day at $16,845, somewhat retracing a Tuesday rise of 2.90%. It is noteworthy that BTC missed $17,000 for the fourth time in five sessions.

BTC increased to a low of $16,934 in the morning after a mixed start to the day. BTC, however, failed to surpass the First Major Resistance Level (R1) at $17,189 and dropped to a low of $16,750 in the early afternoon. In order to close the session's loss, BTC found late support while avoiding the First Major Support Level (S1) at $16,536.