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- The bullish momentum in Ethereum price is facing resistance at the $1350 resistance.
- The buyers have immediate support at $1300.
- The trading volume saw a decrease of 18% in the last 24 hours.
The second largest cryptocurrency Ethereum has produced a bullish price structure this month. So far, the crypto market is influenced by positive vibes as the capitalization remains above $850 billion, as the largest crypto BTC cleared the key short-term resistance this week.
Buyers are back in the game after a massive consolidation phase. While the buyers pushed through the crypto valuations above the short-term resistance, the next bullish hurdle hindered the upward momentum.
Ethereum Price Hit $1350 Resistance
Ethereum price struggled against the $1350 resistance in the intraday session against USDT. The buyers should break this hurdle as soon as possible to gain the $1660 level before the end of this month. The rising trading volume suggests further continuation of the uptrend. Meanwhile, the price action on the hourly time frame is making higher lows.
At that time Ethereum price (ETH) was trading at $1333 with neutral changes. Notably, the crypto price is nearing its December high with an 11.5% monthly gain. Thus, the price of Ethereum relative to bitcoin is down 0.67% to 0.7646 satoshis. Market capitalization rose 0.68% to $163.2 billion as of paper overnight data.
After the breakout, the $1300 area is looking good for immediate support but trading volume has decreased by 18% in the last 24-hours, indicating a lack of sellers from the market. At the current price point, there could be a price correction if trading volumes increase.
On the daily chart, Ethereum investors accumulate the coin towards the 200-day exponential moving average. Conversely, ETH price stability above 100 EMA is influencing the bulls to dominate the trend of the crypto.
The daily RSI peak is approaching the entrance of the overbought zone. According to the RSI, Ethereum price is trading in the demand zone. Similarly, ADX remains near the 25 mark, favoring buyers for more accumulation.
Summary
Ethereum close story looks good for swing trading up to the $1500 resistance area. Technical indicators are turning bullish on ETH and the RSI indicator is about to enter the overbought zone. The bulls must hold the $1300 support to protect themselves from the second phase of the price correction.
Support level – $1300 and $1000
Resistance level – $1500 and $1800
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.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
