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December 8, 2022
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Ethereum (ETH) Price in the Decisive Phase! May Not Reach $1250, if it Fails to Hold Here!

The post Ethereum (ETH) Price in the Decisive Phase! May Not Reach $1250, if it Fails to Hold Here! appeared first on Coinpedia Fintech News

Much similar to Bitcoin, the Ethereum price also staged a notable recovery from the local lows of around $1150. The price climbed high beyond $1200 and managed to sustain above 100-day MA. However, the price failed to test the crucial resistance area close to $1250 and presently correcting the gains as a major decline below $1200 is witnessed. 

Presently, the ETH price is trading around $1180 and above the 100-day MA levels in the daily chart. Also, a minor bullish flag has formed with the targets around $1200 in case of a breakout in the hourly chart. Once the price rises above $1200, then it may uplift the price beyond the resistance around $1230 levels. 

The next major resistance is around the $1240 level, which may trigger the price rise beyond $1250 ahead. In order to sustain a bullish trend, the ETH price is required to surpass these levels and head towards $1300. Moreover, with a jump beyond the $1320 resistance area, the doors for $1400 may be open in no time. 

Conversely, if Ethereum(ETH) fails to sustain above the $1240 resistance, a fresh decline may kick in that could drag the price lower to $1170, closer to the 100-day MA levels. Furthermore, the next major support is around $1150 levels, failing which a drop close to $1070 or lower may be possible. 

Key Points:

  • The hourly MACD is trying to gain momentum but still continues to remain within the bearish zone
  • The hourly RSI is currently below 50 
  • The Major Resistance level is at $1240
  • The major support level is at $1150

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