The last 24-hour increase in Ethereum’s price has suggested a positive move in intra-day trading. However, it may face some hurdles on its way up to set a bullish tone for the year 2023.
Ethereum appeared to be starting this week in a positive mode with a 1.9% daily gain, which puts the price above $1.2k at press time. The upward movement may last for the next few days if the second-largest crypto by market cap continues to gain traction.
The buying pressure is relatively low at the moment. There’s a need for an increasing buy volume to push the price away from its two-week sideway trend.
Meanwhile, the price has been trapped between the range of $1,080 and $1,350 levels over the past four weeks of trading with a formed lower low and lower high pattern in a channel.
A surge above this range would trigger intense buy pressure. However, it has shown strength in the lower time frame. The build-up is not strong enough to activate a bullish rally in the higher time frame.
From a technical perspective, retail traders appear reluctantly conservative and skeptical due to the FUD in the market. Ethereum is much more likely to lose some chunk of the dollar if the price drops below the channel in the chart below.
Ethereum Price Analysis (ETH/USDT): 4-Hour Chart
The ascending channel continued to provide support for Ethereum. It has formed a bullish pattern that could sustain the price to at least $1,239. If the price climbs higher and flips this price level, the resistance to watch next is $1,300 and potentially $1,350.
There has been no sign of weakness in the market over the past few hours. If the bears show up again, a drop below the channel could cause a sell-off to $1,160 and $1,080 support levels. The support below these levels is $1,000.
Key Resistance Levels: $1,239, $1,300, $1,350.
Key Support Levels: $1,160, $1,080, $1,000
- Spot Price: $1,200
- Trend: Bullish
- Volatility: Moderate
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.