Ethereum price analysis: Ethereum continues sideways above $1,200, ready for a higher wave?

Today’s latest Ethereum price analysis is bullish as the ETH/USD pair has seen another sideways move above the $1200 support over the last 24 hours. A reversal is likely to come later as ETH/USD looks set to retest the $1,275 resistance.

Ethereum price analysis
Ethereum price analysis

ETH/USD is trading in a range of $1260.82 to $1279.53, showing little volatility in the last 24 hours. Trading volume was down 39.56 percent, totaling $3.5 billion, while the total market capitalization was around $155.6 billion.

Ethereum price analysis on a 4-hour chart

Ethereum price analysis on the 4-hour chart shows that the bulls charged and have pushed the price towards $1,279 and they are still holding the price above the $1,270 level. Looking at the 4-hour chart, we can see a tight consolidation range at the $1,200 support over the last 24 hours, which is likely to push Ethereum prices back higher overnight.

In fact, we are starting to see some signs that ETH/USD could break out of this range soon and move higher. The next major support for ETH/USD is $1190.0, which is quite close to the current price level. If it manages to break above $1227.04, there could be a push to $1300.00 or even $1400.00 in the short term.

ETH/USD briefly spiked above $1,280 on the 4-hour chart after encountering resistance in the mid-$1,250 area. However, the digital currency dropped back below $1,250 soon after.

Ethereum price analysis Chart
Ethereum price analysis

The 200 SMA is just below the 50 SMA, suggesting that the path of least resistance could point to the downside. Moreover, the price of Ethereum is trading below this moving average, indicating that the downward pressure is more dominant than the current bullish momentum.

Meanwhile, the RSI has been rising in an overbought but unresolved condition, which is a signal that the buyers are still in control. Besides that, the rising stochastic reflects the current increasing buying pressure.

As it stands, Ethereum price analysis suggests that further consolidation could occur before the value finds enough momentum to break out of its tight range and move towards $1,300 or even $1,400. However, a break below $1190.00 could result in a sell-off back to $1150.00 or even lower if the bears gain traction.

Ethereum price analysis on a daily chart

Ethereum price analysis on the daily chart shows that the bears have been dominating the market since the early hours of the day and the price is trading above the $1200.00 level.

Ethereum price analysis on a daily chart
Ethereum price analysis on a daily chart

Technical indicators at time of writing suggest that buying pressure is likely to increase in the near term. The RSI indicator sits deep inside the bullish zone, suggesting that ETH/USD may see further gains in the near term. The stochastic indicator also reflects the same sentiment as it continues to move higher into overbought territory.

Considering that this could be indicative of a forthcoming break below $1190.00, bears could use the 61.8% Fib retracement of the last move from $1150.00 to $1350.00 at $1122.00 or perhaps aim for the bearish flag support around $1135. 00 next week if the bulls fail to sustain the current price level soon.

On the upside, a sustained break and close above $1200.00 could be an indication that further gains towards $1320.00 could follow quickly. However, this is not likely to happen as long as ETH/USD trades below its 20 SMA on the 4-hour chart or even drops back towards the 50 SMA, which could happen soon.

Conclusion

Ethereum price analysis for today is bullish as we are trading sideways after failing to break the $1200 support over the past few days. Hence, ETH/USD is likely to try to retest the $1275 resistance soon and further sideways consolidation will continue.

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