Ethereum Fights Its Way Above $1,200, But Can Not Break Recent High

Jan 06, 2023 at 14:00 // Price
Coin Idol
Ethereum is currently trading in a positive trend zone

Ethereum price is in a bullish trend zone, but it is limited to a range.

Long-term analysis of the Ethereum price: bullish

The largest altcoin rose to a high of $1,273 but encountered resistance at $1,300. The altcoin has been hovering below this resistance level for the past 48 hours. However, if it fails at the resistance zone, the largest altcoin is likely to fall. On the other hand, the uptrend could continue if Ether retraces above the moving average lines or finds support above $1,200. The largest altcoin will rise and retest the $1,300 level. If Ether falls back below the moving average lines, it will drop back to the previous low of $1,100.

Analysis of Ethereum indicators  

The Relative Strength Index is at 54 for the period 14. Considering the recent downturn, the largest altcoin is in the bullish trend zone. The price bars are above the moving average lines, suggesting that the cryptocurrency's price might rise. Ether is experiencing bearish momentum below the daily stochastic threshold of 40.

ETHUSD(Daily Chart) - January 6.23.jpg

Technical indicators: 

Key resistance levels - $2,000 and $2,500

Key support levels - $1,500 and $1,000

What is the next direction for Ethereum?

Ethereum is currently trading in a positive trend zone. The altcoin rose to a high of $1,270 before falling back below the $1,260 level. On the 4-hour chart, Ether has fallen into the oversold zone of the market. It can be assumed that the bearish selling pressure has reached its limit. If Ether stays above the $1,200 support level, the uptrend could resume.

ETHUSD(4 Hour Chart) - January 6.23.jpg

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their research before investing in funds.

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