Home
News
- Ethereum (ETH) price is showing sideways movement on the hourly price chart.
- The key support and resistance for this week are $1200 and $1300.
- The trading volume fell by 25% to $3.67 billion in the last 24 hours.
The total crypto market cap at that time was down 0.55% to $814.52 billion. This affected several major cryptocurrencies such as bitcoin, ethereum and others. The second largest cryptocurrency recovered in the past few days. Buyers are active in neutral markets on behalf of its price action.
Ethereum price reached a 20-day high of $1272 on January 4th. After this weekly gain, investors have placed buy orders at the previous low. Although the buyers are aggressive in the market, on the other hand, the bears have not left the market yet. As a result, a sideways trend is taking place on the 4-hour chart.
Since 21 November, buyers have managed higher-lows formation so far. They connected all previous swing lows and drew the support trendline (above the chart). Still Ethereum price is trading far above this support zone while traders bid the price at $1244 mark at the time of writing.
Ethereum price against the USDT sustain above the immediate support of $1230. Meanwhile, ETH has key support and resistance at $1200 and $1300. Bullish breakout above previous resistance pushed market capitalization at $152.19 Billion along with 0.5% drop in the last 24 hours.
On a regular price scale, Ethereum price is trading above the 20 and 50 simple moving averages against USDT. Nevertheless, sellers attempt to dump ETH below the 50 SMA.
The RSI is representing favorable conditions for Ethereum price on the daily chart. Furthermore, the MACD is slowly moving towards the neutral zone and the histogram is making higher highs.
conclusion
Ethereum price against USDT is struggling in a correction phase since last night. The hourly sideways momentum could move to the downside but the bulls are still ready to accumulate ETH at the $1230 support area.
Support level – $1230 and $1180
Resistance level – $1350 and $1500
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.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
