Ethereum price analysis: ETH continues sideways above $1,200, ready for a higher wave?

Recent Ethereum price analysis is bullish today as ETH/USD pair has seen further sideways action over the last 24 hours above the $1,200 support. Likely reversal will follow later as ETH/USD will look to retest the $1,275 resistance.

ETH/USD traded in a range of $1,260.82 to $1,279.53, indicating slight volatility over the last 24 hours. Trading volume has declined by 39.56 percent, totaling $3.5 billion, while the total market cap traded around $155.6 billion.

Ethereum price analysis on a 4-hour chart: Bullish momentum builds

Ethereum price analysis on a 4-hour chart reveals the bulls have charged and pushed the prices toward $1,279 and they are still holding the prices above the $1,270 level. On the 4-hour chart, we can see a narrow consolidation range over the last 24 hours at the $1,200 support, likely leading the Ethereum price higher overnight once again.

In fact, we are starting to see some signs that ETH/USD might be breaking out of this range soon and moving higher. The next major support for ETH/USD lies at $1,190.0, which is quite close to its current price levels. If it manages to break above $1,227.04, there could be a push to $1,300.00 or even as high as $1,400.00 in the near future.

ETH/USD had spiked briefly to over $1,280 in the 4-hour chart after finding resistance at the mid-$1,250 range. However, the digital currency fell back below $1,250 soon after.

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ETH/USD 4-hour price chart, Source: Tradingview

The 200 SMA is slightly below the 50 SMA, showing that the path of least resistance could be to the downside. In addition, Ethereum’s price is below these moving averages, which suggests that bearish pressure is more dominant than bullish momentum at this point

Meanwhile, RSI has moved higher into overbought conditions but hasn’t turned down just yet as a signal that buyers are still in control. Also, stochastic is turning higher to reflect an increase in buying pressure right now.

As it stands, Ethereum price analysis indicates that more consolidation could take place before the value finds enough momentum to break out of the tight range and move towards $1,300 or even as high as $1,400. However, a break below $1,190.0 could lead to a selloff back towards $1,150.00 or even lower if the bears gain more traction.

Ethereum price analysis on a daily chart: Bulls defend the $1,200 level

Ethereum price analysis on a daily chart shows bears have been dominating the market since the early hours of the day and the price has been trading above the $1,200.00 level.

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ETH/USD 1-day price chart, Source: Tradingview

The technical indicators at press time indicate that the buying pressure is likely to intensify in the short term. The RSI indicator is deep in bullish territory, indicating that ETH/USD could see more gains in the short run. The Stochastic indicator also reflects a similar sentiment as it moves further upwards into overbought territory.

Considering how this might be an indication of an impending breakdown below $1,190.00, bears could aim for the 61.8% Fib retracement level of the last rise from $1,150.00 to $1,350.00 at $1,122.00 or possibly a bearish flag pattern support located around $1,135.00 next week if bulls fail to defend the current price levels soon.

On the upside, a sustained break and close above $1,200.00 could be an indication that further gains toward $1,320.00 could follow quickly. However, this shall not hold true as long as ETH/USD is trading below its 20 SMA on the 4-hour chart or even if it falls back to its 50 SMA, which could happen soon.

Ethereum price analysis conclusion

Ethereum price analysis is bullish today as we have sideways momentum after failing to move past $1,200 support over the past days. Therefore, ETH/USD likely will soon look to retest the $1,275 resistance and continue further sideways consolidation.

Source: https://www.cryptopolitan.com/ethereum-price-analysis-2022-12-10/