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Ethereum Price Recovery Could Soon Fade If ETH Fails To Surpass $1,300

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Ethereum Price Recovery Could Soon Fade If ETH Fails To Surpass $1,300

Ethereum is consolidating losses above the $1,200 support against the US Dollar. ETH could start a steady increase if there is a clear move above the $1,300 resistance.

  • Ethereum is facing resistance near the $1,240 and $1,250 levels.
  • The price is now trading below $1,240 and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $1,240 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a decent increase if there is a clear move above $1,240 and $1,300.

Ethereum Price Consolidates

Ethereum price declined from the $1,300 resistance zone but it remained well supported near $1,200, similar to bitcoin. ETH formed a base and recently started a fresh increase above $1,210.

There was a steady increase above the $1,220 level. The price cleared the 23.6% Fib retracement level of the downward move from the $1,290 swing high to $1,184 low. However, ether price is facing resistance near the $1,240 zone.

It is trading below $1,240 and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $1,240 on the hourly chart of ETH/USD.

The trend line is near the 50% Fib retracement level of the downward move from the $1,290 swing high to $1,184 low. An immediate resistance on the upside is near the $1,240 level. The next major resistance is near the $1,250 level.

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Source: ETHUSD on TradingView.com

A clear break above the $1,250 resistance could send the price towards the $1,300 resistance zone. If the bulls remain in action and the price settles above $1,300, the price could start a steady increase towards the $1,400 level in the coming sessions.

Fresh Decline in ETH?

If ethereum fails to climb above the $1,250 resistance, it could start another decline. An initial support on the downside is near the $1,200 level.

The next major support is near the $1,170 level, below which ether price may perhaps gain bearish momentum. In the stated scenario, the price could drop towards the $1,100 support zone in the near term. The next major support sits near the $1,000 zone.

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Technical Indicators

Hourly MACDThe MACD for ETH/USD is now losing momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now above the 50 level.

Major Support Level – $1,170

Major Resistance Level – $1,250

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Ethereum Whales Front Run A Major Price Move, On-Chain Data Suggests

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Ethereum Whales Front Run A Major Price Move, On-Chain Data Suggests

The Ethereum price is up 4.3% in the last 24 hours, following the general market sentiment of the crypto market. In anticipation of today’s speech by US Federal Reserve chairman Jerome Powell at the Brookings Institution, crypto bulls seem to be anticipating possible dovish comments.

At press time, Ether (ETH) was trading at $1,265, with trading volume continuing to fall to just $7.8 billion, down about 2.8% from the previous day. With the current move, Ethereum has managed to break through the key resistance at $1,230.

As NewsBTC reported, resistance at $1,288 (on Binance) is now up for grabs before the first major resistance is encountered at the $1,300 level. In addition, investors should keep an eye on the $1,330 level as this is the threshold to recoup losses from the FTX crash.

Ethereum trading at $1,265; 4-hour-chart. Source: Twitter

Ethereum Whales Foreshadowing Bigger Price Moves

Meanwhile, data from Santiment is backing the bullish case for Ethereum (ETH). The on-chain analytics firm shared that Ethereum’s large key addresses have increased since the FTX debacle in early November.

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In the chart below, the key moments when “sharks” and “whale” addresses accumulated and dumped ETH can be seen. The number of 100 to 100.000 ETH addresses is at a 20-month high, while the price is still lagging behind.

The whale and shark activity could thus be a harbinger of a further upward trend.

Source: Twitter

But there is also second on-chain indicator which is showing the strength of Ethereum bulls. As Santiment also reports, the number of active addresses rose yesterday to the highest level in over six weeks, “that likely factored into today’s price growth”.

On October 15, the last time the number of addresses was this high, the price of ETH increased by 30% over the next 3 weeks, the company analyzed.

Source: Twitter

In this regard, the on-chain analytics service “Lookonchain” has noted that one whale has been particularly aggressive in its buying behavior. The ominous whale bought ETH after the FTX/Alameda crash, a total of 17,225 ETH since Nov. 8, the equivalent of about $21.25 million. The average price was $1,234.

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The whale bought a portion on Kraken, 5,923 ETH, and the other portion, 11,302 ETH, on Uniswap. He is the 101st largest ETH holder with 116,274 ETH, the equivalent of about $147 million. And he is referred to as the “Maker Vault Owner” on EtherScan.

Renowned Expert Is Bullish

On the other hand, the founder and CEO of 10T Holdings and Gold Bullion, Dan Tapiero, shared a simple but very bullish observation in the Ethereum chart via Twitter – something Bitcoin (BTC) has failed to do:

I want to be very clear here. The fact that Ethereum could not make a new low in price in the face of the most negative news (Ftx fraud) of the year is extremely bullish for Eth going forward. Yes, sometimes it is that simple.

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Analysis

Bitcoin, Ethereum Technical Analysis: BTC Moves Above $17,000 On Wednesday

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Bitcoin, Ethereum Technical Analysis: BTC Moves Above $17,000 On Wednesday

Bitcoin moved to $17,000 on Wednesday, as markets continued to digest the U.S. consumer confidence report. Confidence amongst consumers fell to its lowest level since July, despite inflation easing in the world’s largest economy. Ethereum remained higher, edging closer to $1,300.

Bitcoin

Bitcoin (BTC) briefly rose above $17,000 in today’s session, as traders reacted to the latest U.S. consumer confidence report.

Despite falling to a six-month low, the decline in confidence was less than expected, which was a relatively positive sign for markets.

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Following a low of $16,366.66, BTC/USD rose to an intraday peak of $17,021.67 earlier in the day.

BTC/USD – Daily Chart

However, following the breakout of $17,000, which has also been a long-term resistance level, some earlier bulls moved to secure gains, exiting their positions in the process.

As of writing, BTC is trading at $16,832.07, with the 14-day relative strength index (RSI) tracking at 45.72, below a ceiling of 46.00.

Should price strength continue in an upward direction, and move beyond this upcoming obstacle, then bitcoin could extend today’s rally.

Ethereum

Like BTC, ethereum (ETH) also moved higher on Wednesday, as prices surged for a second success session.

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ETH/USD hit a peak of $1,276.55 earlier in today’s session, which comes less than 24-hours after trading at a low of $1,205.78.

As a result of today’s gains, the world’s second largest cryptocurrency hit its highest point since November 15.

ETH/USD – Daily Chart

Looking at the chart, the move has pushed the 10-day (red) moving average closer to its 25-day (blue) counterpart, with an upward crossover imminent.

In addition to this, the RSI is now tracking at 51.27, which is above a key resistance level at the 50.00 mark.

The target for ETH bulls appears to be the $1,300 level, which was last hit on November 11, when the coin was at a peak of $1,307.

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Do you expect ethereum to start December above $1,300? Leave your thoughts in the comments below.

Eliman Dambell

Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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ETH

Ethereum Price Offers Trade Opportunities After Recent Bullish Breakout

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Ethereum Price Offers Trade Opportunities After Recent Bullish Breakout

Ethereum managed to clear the $1,230 resistance zone against the US Dollar. ETH tested $1,280 and seems to be forming a strong support near $1,230.

  • Ethereum gained bullish momentum and cleared the $1,230 resistance zone.
  • The price is now trading above $1,230 and the 100 hourly simple moving average.
  • There is a short-term bullish trend line forming with support near $1,230 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue to rise if it stays above the $1,230 and $1,200 support levels.

Ethereum Price Rallies Above Resistance

Ethereum price remained well bid above the $1,150 support zone. ETH formed a base and started a fresh increase above the $1,200 resistance, similar to bitcoin.

The price cleared the key resistance near the $1,230 and $1,250 levels. The upward move was such that the price traded as high as $1,280. It is now consolidating gains near the $1,265 level. Ether price is also trading above $1,230 and the 100 hourly simple moving average.

The bulls are currently active above the 23.6% Fib retracement level of the recent increase from the $1,150 swing low to $1,280 high. There is also a short-term bullish trend line forming with support near $1,230 on the hourly chart of ETH/USD.

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Source: ETHUSD on TradingView.com

An immediate resistance on the upside is near the $1,280 level. The first major resistance is near the $1,300 level. The next major resistance is near the $1,330 level, above which ether price might start another bullish wave. In the stated case, the price could rise towards the $1,380 resistance zone. Any more gains might send the price towards the $1,420 resistance zone.

Dips Supported in ETH?

If ethereum fails to climb above the $1,280 resistance, it could start a downside correction. An initial support on the downside is near the $1,250 level.

The next major support is near the $1,230 level and the highlighted trend line. If there is a break below $1,230, the price could test the $1,200 support, where the bulls could emerge. Any more losses may perhaps start another decline towards the $1,150 support zone in the near term.

Technical Indicators

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Hourly MACDThe MACD for ETH/USD is now losing momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now above the 50 level.

Major Support Level – $1,230

Major Resistance Level – $1,280

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