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Ethereum price analysis: ETH remains dormant at $1,250, can we expect a breakout?

Ethereum price analysis

TL;DR Breakdown

  • Ethereum price analysis shows a downtrend.
  • ETH has been consolidating around $1,250 in the last 24 hours.
  • Strong support is present at $1,240.

Ethereum price analysis indicates ETH is trading in a low tight range and hasn’t been able to break above the $1,300 resistance. In its hourly chart, ETH/USD is currently trading at $1,251.79 and has lost 1.29 percent in the last 24 hours. The digital asset started consolidating in a tight range of around $1,250 yesterday and continued trading within this range for most of the day. However, it was until today that ETH began to trade below the $1,250 support.

image 111
Cryptocurrency heat map. Source: Coin360

The price action is currently bearish and with strong support at $1,240. If the price breaks below this support level ETH might drop to $1,200 in the near term. The Fibonacci retracement indicator shows that Ethereum’s price may decline to $1,240 if the support at $1,250 breaks down. At present, ETH is supported at $1,250 and it seems like the buyers will defend this level because they’re confident there’s enough demand below it.

Ethereum price analysis on a 4-hour chart: Bears dominate

Ethereum price analysis on a 4-hour chart shows ETH/USD is currently trading in a bearish trend and the bulls don’t seem to be able to break above the $1,300 resistance level. The technical indicators are showing a neutral sentiment in the market. The Relative Strength Index (RSI) is at 54.04, which indicates that the market may see neutral price action in the near term.

If the bulls are able to break above the $1,300 resistance level then we might see Ethereum trading close to $1,350 and higher but for now, ETH remains relatively stable around $1,250.

image 110
ETH/USD 4-hour chart. Source: TradingView

Bears are however adamant in their attempt to break below the $1,250 support level, but if they continue to strengthen their positions we might see ETH plunge to $1,230 and then further down to $1,200.

Ethereum price analysis on a 1-day price chart: ETH/USD could go higher if the current supports hold strong

Ethereum price analysis on a one-day price chart indicates that the ETH market has experienced low volatility in the last 24 hours. The price is still trading above the 12-day and 26-day EMAs, which is a bullish sign and shows that ETH might start moving higher soon.

The RSI is at 53.39, which indicates that Ethereum’s price may appreciate in the next few days if it remains above $1,250. The bullish scenario will however be invalidated if ETH falls below $1,240 and the bears are able to push the price down to $1,200.

image 109
ETH/USD 1-day chart. Source: TradingView

The Stochastic RSI is also showing a potential bullish move if ETH holds above $1,250 and the Stochastic oscillator moves higher from its oversold zone. In such a case, we might see ETH trading at $1,300 in the near term.

Ethereum price analysis conclusion

Ethereum price analysis shows that ETH could be headed toward $1,200 if there isn’t enough demand to hold it above the $1,250 support level. The technical indicators are showing a neutral sentiment in the market while ETH is trading above its 12-day and 26-day exponential moving averages, which indicates that the digital asset might start trading higher soon.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Ann Mugoiri

Ann Mugoiri

Ann likes to write about crypto and blockchain technology. She has been following the development of these technologies for a few years and believes that they have the potential to disrupt many industries.She has specialized in technical analysis to help cryptocurrency traders make more informed decisions.

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