- Ethereum price expected to observe sideways movement before breakout to $1,300.
- The closest support level lies at $1,200.
- ETH faces resistance in crossing above the $1,250 mark.
Ethereum price has recovered above the $1,200 price level but fails to climb above the $1,750 mark. The price level is acting as a strong resistance for ETH while the bearish momentum continues to increase.
The broader cryptocurrency market observes a confused sentiment across the last 24 hours as most major cryptocurrencies observe the slight bullish or bearish change. Most assets, including Bitcoin, have seen a price change of less than one percent.
Ethereum price overview: Ethereum price across the last 10 days
Ethereum price had a strong start to 2021 as the price quickly found bullish support raising the price above the $750 level. The bullish momentum caused the price to rise to $1,200 before meeting strong resistance. While the bulls managed to cause the price to rise to the $1,350 mark, the price could not hold at the level and declined below.
The rejection caused the price to fall to the $1,000 level before recovering. The price once again observed wave-like bullish activity as the price rose to the $1,400 mark. The price was rejected from the level and fell back to $1,050. Since then, the price has recovered to the $1,200 level and now trades near the $1,245 price mark.
Across the technical indicators, the MACD shows a bullish reversal and suggests increasing bullish pressure. The two EMAs converged recently and now move in the opposite direction suggesting an increasing buyer momentum for ETH. However, the two EMAs are close together now, suggesting that movement below the $1,230 mark would show a reversal.
The RSI is neutral and sticks close to the 50.00 mark showing low momentum on either side. The indicator is inclined upwards, suggesting an increasing bullish pressure for Ethereum.
The Bollinger bands are currently narrow but show expansion upwards, suggesting an increase in ETH price volatility. Traders can expect ETH to observe an increase in price volatility as ETH heads upwards.
Overall, the four-hour technical analysis issues a buy signal as 14 of the 26 major technical indicators issue buy signals. On the other hand, only four indicators issue sell signals while the remaining eight indicators remain neutral, not leaning towards either side.
The 24-hour technical analysis shares this sentiment as the analysis shows 14 indicators supporting a bullish movement while only three indicators suggest a negative price action. Meanwhile, nine indicators remain neutral, issuing no support towards either side.
What to expect from Ethereum price?
Traders should expect Ethereum price to observe sideways movement at the $1,250 price level before the price breaks out to the $1,300 mark. The high trade volume and the positive technical analyses suggest a bullish breakout.
Conversely, if Ethereum price falls below the $1,200 mark, ETH may revisit the $1,100 support level. Further downwards movement may mean a fall to the $1,000 psychological level.
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.