The Ethereum price has been trading sideways since last week, unable to break through the $1,230 resistance and $1,180 support levels.
indicates that the ETH is testing the bottom edge of the descending channel around $1180.
Ethereum has also stopped falling above an upward trendline support level of $1,180. Later today, investors' attention will be focused on US jobless claims, which may affect price movement.
A 4-hour candle closing above $1,180 will almost likely signal a bullish reversal. The bullish reversal, on the other hand, may push the Ethereum price to an immediate resistance level of $1,220, which is extended by the 50-day simple moving average.
Ethereum began a new decline against the dollar after breaking over the $1,230 barrier. If ETH falls below the $1,180 support level, it may move downward. Ethereum's price has failed to break past the critical $1,230 barrier level. ETH achieved a high around $1,234 before falling further. As with bitcoin, there was a clear drop below the $1,210 support zone and the 21 hourly simple moving average.
The price has even gone below the $1,200 level of support. It has recovered to the $1,180 level of support. The price has reached a low of $1,181 and is currently consolidating losses.
Currently, the price of ethereum is trading below $1,200 and the 50 hourly simple moving average. A key bearish trend line is forming on the hourly chart of ETH/USD, with resistance near $1,200.
The $1,200 threshold is an immediate barrier. It is near to the 23.6% Fib retracement level of the recent fall from the swing high of $1,234 to the low of $1,181. The first significant barrier is located at $1,215. The current drop from the $1,232 swing high to $1,181 is approaching the 61.8% Fib retracement level. A break over the $1,215 resistance level might signal the start of a steady rise. In this case, the price might rise to the $1,230 level. The next major resistance level might be $1,250, after which the price could rise to $1,300. Any further gains might push the price above the $1,350 level.
If ethereum fails to break through the $1,220 barrier, it may begin to fall once more. On the downside, an initial support level of $1,180 emerges. The next significant support level is around $1,150. A break below $1,150 might result in a move below the $1,100 support. Any more drops might drive the price below $1,050.
The market cap of ETH is expected to be $146,206,637,709, according to Price Analysis. The 24-hour trading volume of the coin is approximately $4,571,750,429. Ethereum's market capitalization has risen by 0.05%. During intraday trading, however, transaction volume decreased by 2.29%.
KEY LEVELS :
RESISTANCE LEVEL : $1,220-$1,250
SUPPORT LEVEL : $1,160-$1,120
The price of Ethereum has been trading within a rising channel pattern since December 16. It is bouncing between the channel's up and down. Break any side, indicating a decisive movement is on the road. Let us know what you think.
