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.
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).
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.
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.
Source: https://www.cryptopolitan.com/ethereum-price-analysis-2022-12-11/