Ethereum is now trading sideways as investors struggle with conflicting signals from technical indicators.
Despite recent volatility, the daily chart for ETH shows a bullish trend with higher lows. On trading sessions, the long upper wicks and short lower wicks have formed a shooting star, which is a technical indicator suggesting that buyers may be losing control.
Ethereum has surpassed the $1,300 barrier against the US dollar. Although it remains well supported around $1,250 and $1,230, ETH is retracing gains. The price of Ethereum has climbed above the $1,250 level. ETH even broke beyond the $1,300 barrier, staying above it and reaching a high of $1,309.
Bears were active, though, near the $1,300 resistance level.The price of ether hit $1,309 prior to a downward correction. The price fell below the 23.6% Fib retracement level of the upward run from the swing low of $1,146 to the high of $1,309.
Furthermore, on the hourly chart of ETH/USD, there was a breach below a strong bullish trend line with support at $1,270. The pair traded near above $1,270 and the 100 hourly simple moving average.
On the 4-hour chart, Ethereum traded bullishly but failed to cross the $1,310 resistance level, indicating the start of a bearish correction. The tweezers top formation is hurting the bullish trend and might lead to a market drop.
Ethereum has been trapped under a downtrend channel that has hampered price activity since late summer 2022. To break above this trend channel, it must break decisively over $1,500.
The $1,290 level is an immediate upward resistance. The first significant resistance is about $1,310. A close over the $1,310 barrier level might send the price further higher. The next big resistance level is $1,350, over which the price of ether may touch $1,400. If the bulls maintain their position above $1,400, the price may climb to the $1,450 resistance mark. Any more rises might send the price beyond the $1,500 barrier.
If ethereum fails to break over the $1,310 barrier level, it may begin a downward trend. The $1,250 level gives initial support on the downside. The next key support level is at $1,230, which is also the 200 hourly simple moving average and the 50% Fib retracement level of the upward advance from the $1,146 swing low to the $1,309 high. If the price goes below $1,230, it is likely to test the $1,180 support. Any more losses might drive the price down to the $1,150 support.
According to Price Analysis, ETH's market capitalization is estimated to be $155,841,914,691. The 24-hour trading volume of the coin is about $6,658,433,414. Ethereum's market capitalization has fallen by 0.28%. During intraday trading, however, trade volume increased by 4.25%.
KEY LEVELS :
RESISTANCE LEVEL : $1,310-$1,350
SUPPORT LEVEL : $1,240-$1,200
The bulls have made multiple efforts to break over the resistance level in the last four days, but the bullish price has been continuously rejected? Will it burst through the $1,300 barrier or go back to $1,200? Please share your comments.