Cryptocurrency News Price Analysis

Ethereum (ETH) Might Lose 12% Before Hitting $1.3K – Price Analysis

Jim Smith
  • Ethereum price gained 3.4% on Wednesday, climbing upward to $1,250.
  • Flipping $1,263 resistance to support would support upticks to $1,306, translating to a 10% surge.
  • Dominant bearishness would force ETH to protect $1,148, and losing the mark would cancel the bullish tale.

Ethereum (ETH) price has showcased better performance than other alternative tokens, regardless of significant corrections during FTX’s fall. ETH retains its macro upward trend, which remains vital for the alt to recoup its losses.

Moreover, the December 2022 Non-farm payrolls might impact ETH prices and other cryptocurrencies. Analysts expect the U.S. jobs data to confirm around 200K job gains during 2022’s final month.

Nonetheless, higher numbers from the United States Bureau of Labor, like in September last year, would reduce demand for ETH and other digital coins, leading to possible price dips. If not, ETH prices will likely follow broad market trends.

ETH Takes a Breather

Ethereum’s price swayed near $1,250 during this publication. That comes after the 2nd-largest crypto by value recorded recoveries this week. ETH noted a breakout this week after exploring range-bound tendencies inside the $1,233 – $1,187 region for nearly two weeks. The alt seems committed to reclaiming the $1.3K mark.

Meanwhile, Ether’s price should continue the buyer-induced bullish run to support upward growth. That might help ETH to overcome its closest resistance near $1,263 before pushing toward the robust hurdle at $1,370. That would see the altcoin recovering losses endured in November 2022.

Nevertheless, the altcoin might witness some sideways actions in the coming few days, considering the current overheated market. The RSI (Relative Strength Index) shows the market cooling down during this writing. The indicator’s presence within the overbought region (above 70) usually welcomes undeviating action or asset price corrections.

Nonetheless, the latter won’t be the case since the crypto enjoys support from the 30, 50, and 100-day EMAs. Also, ETH has multiple barriers even if it surrenders these Exponential Moving Averages.

Losing $1,229 and the $1,187 mark would see Ether dropping to tag the crucial support near $1,148. A 24hr candle closing under this mark would cancel the bullish narrative, forcing the king altcoin to the $1,099 lows. That would mean a 12% price dip.

ETH’s Enormous Whale Activity

An on-chain analytics site, Santiment, confirmed around 611 whale transfers over the past day. The transactions were worth over $100,000. Meanwhile, the figure picked up on Thursday, racing towards 419 transfers that totaled to about a staggering $1 million.

Also, the data indicated an ever-surging demand for Ethereum among whale investors, which supported the previous tale. Is that enough to support continued uptrends? Time will be our judge.

Stay tuned for upcoming crypto developments.