Ethereum Price Expected to Pull to $1,150 or Surge to $1,270, Technical Analysis Suggests


Ethereum, the second largest cryptocurrency in the entire cryptocurrency industry is currently sitting at $1,219 per ETH. Given the history of the asset’s performance, the current price is close to its bottom.

Still, the asset has continued oscillating near the same figure for a long time. Therefore, it could be said that given the recent performance of the asset, ETH is moving in a bullish zone.

The data from CoinMarketCap confirms that the trading price of the asset has surged 0.35% in the past 24 hours. The trading volume recorded for the asset in the same period has been around $4.5 billion.

The market capitalization of Ethereum makes it the second-largest asset in the entire crypto-verse. It currently has a valuation of $149 billion.

The $1,220 Battle Continues

Although many may consider that ETH has been hovering at the current trading price but it is not the case at all.

ETH has been battling to make it past the particular level for a level. The bulls have been at war with the bears at the $1,220 barrier.

They have been trying hard to break through the particular level but to no avail. The bears are showing off their selling prowess at a particular level.

This suggests that the bulls will need stronger buying power to push through the particular level.

ETH’s Price May dip to $1,150

At the moment, the price of ETH is hovering around $1,219 but the bears have the market trend in their favor.

The US Feds hiking the interest rates is also a supporting factor for the bears that may help them intensify the selling spree.

If that happens and the bulls find themselves outnumbered, there will be no stopping the bears. They will increase their selling pressure and pull ETH’s price even lower.

The bears may continue selling ETH at a higher level in order to pull the asset’s price lower. Even the RSI is not going in favor of the bulls.

It is moving lower into the bearish zone, which may provide more support to the bears. Backed by a strong bearish RSI movement, the price of ETH may take another major fall.

The bears may succeed in pulling ETH’s price to a low of $1,180. If the trend continues, then the trading price of ETH may get pulled to a low of $1,150.

ETH’s Flight to a High of $1,270

On the other hand, if the bulls are able to make it through the $1,220 level, ETH’s price may start surging.

The first high trading price they may attempt to hit with their strong buying sentiments would be $1,245. If the bears do not pose much of a challenge, then ETH’s price may surge to $1,270.