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- Ethereum price goes in sideways territory above the $1200 support level.
- Trading volume decreased 32% in the last 24 hours, at $3.69 Billion.
- Market capitalization reported at $148.8 Billion as per CMC.
Ethereum price surged over the critical barrier level with large trading volume in the letter dated December 20th. Following the latest drop, the Ethereum price has demonstrated appropriateness above the strong support level of $1160. Furthermore, buyers secured a $1200 zone, which switched into quick support.
Following this weekly rise, the Ethereum price is currently trading flat. Despite recent uncertainty, the price has been hovering above this level, which serves as an active support zone. On the other hand, because this is not a significant resistance level, the following bullish rise may be halted. Furthermore, purchasers frequently failed to push cryptocurrency beyond the $1350 mark.
Along with the consolidation phases, buyers are driving the second largest crypto price up. So we can assume that Ethereum price may soon reach a weekly top above the $1300 mark. If it does, then ETH price action will move into a higher-lower trendline for the short term outlook.
In the midst of a sideways zone, Ethereum price is trading around the $1215 mark at the time of writing against USDT. Meanwhile the market capitalization according to CMC was recorded at $148.8 billion. In the intraday trading session, the asset seems to be in a very tight range. While the correlation of the bitcoin pair with the Ethereum stands at 0.07216 satoshis.
In the context of the daily price chart, when the simple RSI is moving towards the semi-line, the Stoch RSI starts to move up. The buyers wait to see the peak of the RSI above the semi-line before making a big move. Conversely, the MACD is still trading in the negative zone. Buyers should wait a little longer.
Conclusion
Ethereum price turned into a bullish path, albeit one that existed for the short term. This sideways trend could turn into an accumulation phase if the buyers record ETH peaks above the $1350 resistance area.
Support level – $1200 and $1000
Resistance level – $1300 and $1650
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
