Ethereum Holds Above $1,200 As Market Moves In Both Directions

Dec 27, 2022 at 08:20 // Price
Coin Idol
The moving average lines have capped the uptrend

The Ethereum price (ETH) is trading just above the support level of $1,200.

Long-term analysis of the Ethereum price: bearish

The price movement has been consistent with the presence of doji candlesticks since December 21. Today, the largest altcoin is consolidating above the support level of $1,200. The moving average lines have capped the uptrend. If the price breaks above the moving average lines and the resistance at $1,300, Ether will regain upward momentum. If buyers are successful, the largest altcoin will reach previous highs of $1,400 and $1,600. A break below the $1,200 support would send the altcoin to a low of $1,150 or $1,075.

Ethereum indicator analysis 

The Relative Strength Index for period 14 is at 47, thanks to the recent price recovery. Ether is in a bearish trend zone and faces another decline. A price decline is indicated by the price bars being below the moving average lines. The daily stochastic for Ether is at a level below 75. The market has moved in both directions.

ETHUSD(Daily Chart) - December 26.22.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 consolidating in a sideways movement above the support level of $1,200. Due to the presence of indecisive candles with small bodies known as doji, the altcoin is not showing any tendency. The current rally encounters resistance at the high of $1,225. If the price falls below the current support, the selling pressure could increase again.

ETHUSD( 4 Hour Chart) - December 26.22.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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