Ethereum Persists At $1,240 As Sellers Emerge At Recent Peak

Dec 23, 2022 at 13:30 // Price
Coin Idol
The Ethereum price regained momentum

The Ethereum price (ETH) regained momentum and reached a high of $1,225 today.

Long-term analysis of the Ethereum price: bearish

Sellers tried to bring down the cryptocurrency when it found support above $1,157 on December 16. However, on December 20, the Ether price recovered after retesting the 21-day simple moving average. The current uptrend could face resistance at the moving average lines. If the price breaks above the moving average lines and the resistance at $1.300, Ether will regain its upside momentum. If buyers succeed, the largest altcoin will rise to previous highs of $1,400 and $1,600. If the altcoin is rejected at the moving average lines, it will fall to the current support.

Analysis of Ethereum indicators  

The recent price rally has pushed Ether to the Relative Strength Index of 47 for the 14 period. Ether risks further decline as it is in a downtrend zone. The price bars are below the moving average lines, indicating a price decline. Ether rises above the 75 level of the stochastic on the daily chart. 

ETHUSD(Daily Chart) - December 23.22.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?

The price of Ethereum is rising after rising above the moving average lines. As the market approaches the overbought area, it is likely that the upward correction will be rejected. If sellers appear in the overbought area, Ether will fall down. The altcoin will fall above the support level of $1,100.

ETHUSD_( 4 Hour Chart) - December 23.22.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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