Is Ether set to capture the $1,250 resistance level soon as bulls slowly take control?

2022-12-19 15:27

Ether is up by less than 1% but could rally higher in the near term.

ETH has been trading below the $1,300 resistance level in recent weeks.

The total crypto market cap has remained above the $800 billion level.

Ether could rally towards $1,250

ETH, the native token of the Ethereum network, underperformed last week. The coin lost more than 5% of its value last week and slipped below the $1,200 level during that period.

However, ETH seems to be recovering from its recent slump and could rally higher soon. At press time, the price of Ethereum stands at $1,184 per coin, up by less than 1% in the last 24 hours.

ETH’s recovery comes at the same time that the broader crypto market is also recovering. The total cryptocurrency market cap stands at around $810 billion, up by less than 1% so far today.

The Bitcoin price is also up by less than 1% and is now trading above $16,700 per coin. 

Key levels to watch

The ETH/USD 4-hour chart is bearish despite Ether slowly recovering from its recent slump. The technical indicators show that the bulls could regain control of the broader Ethereum market soon.

ETH/USD Chart By TradingView

 

The MACD line remains below the neutral zone, a sign that the bears have been in control in recent days. However, the line could enter into the positive zone if the rally gains steam.

The 14-day RSI of 39 shows that ETH is no longer in the oversold region and could rally higher soon. If the bulls gain further momentum, ETH could break past the first major resistance level at $1,250 before the end of the day.

However, the second major resistance level at $1,303 could prove difficult for Ether in the near term as the bearish sentiment refuses to completely go away.

Where to buy Ethereum now

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

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Coinbase

Coinbase is a global cryptocurrency exchange. Its platform is well designed for beginner investors and it offers a wide range of coins, as it has over 100 to choose from. Coinbase has high level security built into the platform, a range of diverse features to use and it offers its users options for storing their crypto, such as being able to store coins on the Coinbase exchange.

Buy ETH with Coinbase today Disclaimer

The post Is Ether set to capture the $1,250 resistance level soon as bulls slowly take control? appeared first on CoinJournal.

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Источник: coinjournal.net

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