- Ethereum price expected to retest $1,300 resistance level
- Closest support lies at the $1,125 level
- ETH faces resistance in crossing above the $1,300 level
Ethereum (ETH) price seems to have concluded its bullish rally as the asset consolidates around the $1,200 mark. Across the last two days, the Ethereum price has observed a significant stagnation as the price seems to be oscillating between the $1,250 and the $1,150 level.
The broader cryptocurrency market sentiment remains bullish, but a few assets have seen their prices observing slight retracement from the day’s opening price.
Ethereum price overview: Ethereum price across the last ten days
Ethereum opened the year with little to no momentum towards either side as the price stuck to the $730 mark trading between the $705 and the $750 level. The price continued to trade in this price range until January 3 when the price broke above the $800 level.
The movement initiated a bull rally that carried the price from the $775 level to a high of $1,169 before the price observed a correction. The correction caused the price to decline to the $900 before bouncing back above the $1,000 level and stabilizing.
After observing a brief consolidation at the level, ETH continued rising as the price initiated another bull rally. The second bull rally carried the price from the $1,000 level to a high of $1,291. However, the price could not break above the level, and the bullish momentum disappeared at the level.
The price declined to the $1065 level before finding a strong support level to bounce back above the $1,150 level. Since then, the price has been trading around the $1,200 level with the price oscillating between the $1,2560 and the $1,150 level with decreasing candlestick size.
Technical indicators and what to expect from Ethereum price
Across the technical indicators, the MACD shows decreasing bearish momentum as the two EMAs appear to be convergence. However, the convergence is slight showing little bullish pressure in the markets.
The RSI is neutral hovering close to the 55.00 level with a slight decline suggesting bearish pressure. The indicator shows there is a lot of room for ETH movement in either direction. The Bollinger Bands share a similar sentiment as the bands have come to a squeeze suggesting ETH volatility may increase sharply in the short-term.
Overall, 19 of the 28 major technical indicators are issuing buy signals while only four indicators are issuing sell signals. Meanwhile, five indicators remain neutral and do not support either side.
Traders should expect Ethereum price to end its consolidation with a major breakout. As suggested by the technical indicators, Ethereum price can be expected to rise to the $1,300 mark to retest the resistance level. If ETH successfully breaks above, then ETH can continue moving towards the $1,400 level and towards its all-time high.
Conversely, the nearest support lies at the $1,125 level, and if price falls below the level, ETH may visit the $1,000 support again.
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