Can Ethereum Price (ETH) Rid Itself of Seller Dominance?

• Ethereum price (ETH) is consolidating above the $1185 support level.
• The market capitalization appears neutral at $146.21 billion.
• Buyers look active in today’s trading session after two bearish daily candles.

Ethereum, the world’s second-largest cryptocurrency, is stuck in a narrow horizontal range as bulls retreat from the asset. The mild price drop kept Ethereum (ETH) price below the $1.2K level. After two days of losses, the sellers now seem tired, and buyers have an opportunity to move past the bullish barrier.

Ethereum on Hourly Chart 

On the hourly price chart, ETH price is consolidating just above the $1180 support level. Buyers often reversed the second largest cryptocurrency higher than this level. For a short-term outlook, bulls must maintain this crucial zone. 

Amid little positive scenario, ETH price against the USDT is trading at $1197 mark at press time. Crypto seems positive today by 0.63% so far. Meanwhile, Ethereum price concerning the Bitcoin pair stays up 0.50% at 0.0722 satoshis. 

Ethereum price (ETH) stays away from the previous swing low of $1150. Meanwhile, the crypto’s price action forms higher-lows formation in higher time frames like daily and above. Nevertheless, Market capitalization appears neutral at $146.21 billion. 

In terms of the daily price chart, Ethereum price is trading below all important moving averages against USDT. Meanwhile, the 200 DMA (red) had remained an important resistance for the past several months. For now, the 20 DMA acts as short-term resistance.

The daily RSI declined near the semi-line. Although the peak of the indicator remains at 44, due to low volatility, buyers are scared. Moreover, the MACD indicator seems to be flat just below the neutral zone.

Conclusion

Notably, Ethereum (ETH) price action appears to be attracting a high-low structure despite the retracement phases in the crypto market. Due to the sideways trend, buyers may see more accumulation phase ahead in 2023.

Support level – $1150 and $1100

Resistance level – $1300 and $1500

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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