Ethereum price analysis shows ETH is continuing its consolidation as the recent ongoing market dormancy continues. The bulls are getting more and more impatient for a move to the upside. Ethereum seems to have reached a bottom of $1,100 and is now heading back to the resistance at $1,366.74. This resistance is proving to be difficult to break.
Ethereum price analysis on a daily chart: ETH consolidates around $1, 266.74
Ethereum price analysis shows the ETH/USD has been trading within a relatively narrow range during the past several days. Ethereum price chart shows that the bulls have so far defended any meaningful declines, with the nearest support level lying around $1,100. ETH/USD had rallied above t $1,286 and is trading around the $1,281.63 mark at press time. The 100 EMA line has broken out in a bullish manner after being previously trapped below it for several weeks.
The immediate resistance is seen at $1,300 followed by $1,308 and $1,317. On the other hand, if the price fails to continue rising, supports can be located at $1,250 followed by the 20-day EMA line at $1,220, and finally at $1,196.
The Relative Strength Index indicator is residing at the neutral 50 level, which indicates the price is neither overbought nor oversold. In addition, the MACD line has crossed upward and broke through the signal line for a bullish crossover.
The Stochastic indicator has entered into the overbought region, which indicates that ETH buyers are currently gaining traction. The oscillators on the daily chart show bulls are gaining traction, but the price volatility is low.
Ethereum price analysis on a 4-hour chart: Bulls have difficulty gaining upside momentum
Similar to the daily chart, Ethereum price analysis on a 4-hour timeframe shows that ETH/USD is trading within a sideways channel. The bulls have managed to defend $1,150 as support for the past few weeks and have been priced to inch closer to $1,300. ETH/USD pair has been stuck in a sideways pattern and is trading in the close vicinity of $1,260.
The immediate resistance and support levels remain unchanged. The next major support point can be found near $1,100 while the next major resistance point lies ahead at $1,266.74.
The Stochastic indicator shows the price is in the overbought territory; however, it is unlikely that ETH buyers will be willing to let go of current gains anytime soon. The Relative Strength Index indicator has also crossed above the 50 mark and is currently residing at 61.23. This shows that bulls are gaining strength; however, they will face some resistance as so far the RSI indicator has been unable to break above 62-level in a convincing manner during the past few weeks.
Ethereum price analysis conclusion
Ethereum price analysis shows ETH is still consolidating and this period of stability could remain intact for another week or two. The bulls are still struggling to push the price above the resistance at $1,366.74 and it is likely that they will need another few days in order to do so. However, we can expect a significant move very soon as we have reached a critical level of consolidation.
While waiting for Ethereum to move further, see our Price Predictions on XDC, Cardano, and Curve.
Source: https://www.cryptopolitan.com/ethereum-price-analysis-2022-12-08/