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The Ethereum price is currently going through a minor correction and stalls its prevailing recovery phase. From the $1300 mark, the altcoin has tumbled 3.5% and shows a high possibility for further downfall. If the selling pressure persists, the sellers could retest a recently breached resistance of $1220 as a possible support, but will the price sustains above this support?
Key points:
- A higher price rejection candle at $1275 resistance suggests a prolonged downfall
- A potential down to $1220 will bolster buyers to replenish the bullish momentum.
- The intraday trading volume in Ethereum is $5.1 Billion, indicating a loss of 6.5%.
Source- Tradingview
A V-shaped recovery from the $1100-$1080 support surged the Ethereum price 20% higher to $1300. This bullish rally bolstered buyers to surpass some significant resistances, such as $1160, $1220, and $1275.
Furthermore, the buyers tried to sustain above the $1275 support over the past three days but failed miserably when the price plunged below it on December 3rd. Thus, the bearish engulfing candle triggers a minor correction in Ethereum’s ongoing recovery.
As of today, the ETH price is currently trading at $1257, with an intraday of 1.35%. However, the long-wick rejection attached to the daily candle indicates the price sustainability below the $1257 mark.
With sustained selling, the altcoin may plunge another 3% to retest the $1220 support. Moreover, this downfall, backed by decreasing volume, indicates the ongoing correction is temporary.
Thus, the $1257 support aligned with the 0.382 Fibonacci retracement level offers a strong footing to resume the prior recovery.
On a contrary note, the daily candle closing below the $1257 support will weaken the bullish thesis.
Technical indicator-
Relative Strength Index: the daily RSI slope failed to sustain above the neutral line, indicating uncertainty among market participants.
EMAs: the 50-day EMA assisted the sellers in reverting the prices from the $1300 mark. Moreover, the downsloping 100-and-200-day EMA accentuated an overall downtrend.
Ethereum intraday price levels
- Spot price: $1256
- Trend: Bullish
- Volatility: Medium
- Resistance level- $1375 and $1500
- Support level- $1220 and $1160
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