Ethereum price analysis: ETH consolidates around $1,250 as the bulls eye a move above $1,300

Ethereum Price analysis

TL;DR Breakdown

  • Ethereum price analysis shows a sluggish trend in recent days
  • ETH seems to be in consolidation mode, as it trades around $1,250
  • The 100-day SMA has been acting as a hurdle for the bulls to cross

Ethereum price analysis reveals ETH has been trading sideways in the past few hours. The ETH/USD pair is facing tough resistance at $1,350 and every time it moves a little closer to it, bulls fail to sustain gains above this level. This shows that bears are defending this level aggressively. At the same time, Ethereum is trading at $1,281.54, up by 0.75 percent.

image 222
Cryptocurrencies price heatmap: Coin360

Resistance levels are $1,350, $1,400, and $1,550 while the support levels are $1,200, and $1,100.Overall Ethereum price remains bullish with the short-term bias remaining neutral. There is a chance that the bulls might be able to break through the strong resistance at $1,350. However, it will depend on their ability to hold ground above the strong support at $1,250 which is just below the 100-day moving average (MA).

ETH/USD daily chart analysis: Bulls defend the $1,250 level

The ETH/USD pair has been trading between the support at $1,236 and resistance at $1,350. The key resistance is at $1,300 and supports are seen at $1,230 and then $1,220. The relative strength index (RSI) shows a positive bias. The Fibonacci retracement tool indicates that most corrections in prices find support near the 23.6 percent Fibonacci level. On the upside, it will face resistance at $1,300 (the 61.8 percent Fibonacci retracement level).

image 221
ETH/USD 24-hour price chart, Source: Tradingview

Further technical indicators show that the bullish bias continues in ETH/USD pair. The next level of resistance for the bulls is at $1,400 and a move above this level could see the price rally to its all-time high near $1,550.The MACD is moving higher in the bullish territory. However, it needs to move further above the zero line to be able to call for a strong rally.

The 100 SMA is still below the longer-term 200 SMA so the path of least resistance might be to the downside. Ethereum price is still trading inside a downtrend and might soon test the $1,200 mark again.

The price has been trading within a tight range of around $1,300 -$1,170 within that period. The bulls managed to bounce off the 100-day MA and held on to the gains. Therefore, it is safe to say that Ethereum has been consolidating for some time now and could make a move toward testing $1,350 in the near future. The multiple attempts made by the bulls to break through this resistance have failed over time as you can see from the graph above. As a result, there has been some selling pressure at this point.

Ethereum price analysis on a 4-hour chart: Higher highs, higher lows

Ethereum price analysis on a 4-hour timeframe reveals the price action is about to form multiple bottoms around the same point it broke out from before. It had previously made two attempts to test the resistance at $1,300 and failed. However, the third attempt looks to be the charm for Ethereum as it appears to be moving back toward this level once again.

image 220
ETH/USD 4-hour price chart, Source: Tradingview

The RSI indicator is near overbought levels which means that there could possibly be a bit of profit-taking at the current point in time which would lead to further declines. There could also be an opportunity for buyers to jump in as the price moves higher back toward $1,300.

One positive sign for Ethereum is that it’s trading at a fresh higher high which indicates further growth in prices. In addition, it is moving closer to the 100-day MA support level from below. This means that if the price corrects lower, there is strong support at $1,250 which the bulls would strongly defend.

Ethereum price analysis conclusion

Ethereum price analysis for today shows Ethereum price is likely to remain in consolidation around the $1,250 level until further market catalysts evolve. Volatility seems to be drying up which may indicate that a breakout move could be brewing soon. The ETH/USD pair needs a strong catalyst to break out of this range and resume its uptrend.

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.

Related News

Hot Stories

Uniswap price analysis: UNI declines below $7.00 mark after a bearish engulfing candle
Litecoin price analysis: Bears continue to drive LTC down to $97.82
Dogecoin analysis: DOGE price reaches $0.08971 after a significant bullish spike
US SEC plans to scrutinize crypto advisory firms in 2023
Cardano price analysis: Can the bulls break past the $0.4000 mark?

Follow Us

Industry News

US SEC plans to scrutinize crypto advisory firms in 2023
Former JP Morgan banker heads SEBA's Asia pacific division
Russian bank Gazprombank worried about digital ruble impact on fiat
AI tokens outperform BTC - What are they?
Web3 goes to school in India: Algorand announces game-changing partnerships

Add Your Heading Text Here