Ethereum Falls as It Loses Its $1,200 Support Level

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Ethereum ETH) Current Statistics
The current price: $1,193.55
Market Capitalization: $146,058,925,030
Trading Volume: $4,679,445,862
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $2,500, $1,500, $1,000

Ethereum (ETH) Price Analysis December 28, 2022
Ethereum’s (ETH) price is falling as it loses its $1,200 support level. As it gets closer to the $1,100 support, the bearish momentum has broken below the current support. Since December 21, price movement has coincided with the existence of Doji candlesticks. The upward movement has been restrained by moving average lines. As Ether encounters rejection at the moving average lines, further upward movement is improbable. The sellers broke the $1,200 current support. On the downside, the altcoin will drop to a low of $1,150 or $1,075 if the bearish momentum is maintained. At the time of writing, the price of Ether has reached a low of $1,199.10.

Ethereum Falls as It Loses Its $1,200 Support Level
ETH/USD – Daily Chart

ETH Technical Indicators Reading
The largest altcoin is currently at period 14 level 44 of the Relative Strength Index. The price of Ether is declining and is in a bearish trend zone. When the price bars are lower than the moving average lines, a price decline is occurring. Because Ether is trading below the daily Stochastic’s level 40, it is in a bearish momentum.

Conclusion
Following a recent price rejection, Ethereum loses its $1,200 support level. The largest altcoin has been moving in a range between $1,100 and $1,300. Small-body undecided candlesticks show that the price of the cryptocurrency is moving sideways.

Ethereum Falls as It Loses Its $1,200 Support Level
ETH/USD – 4 Hour Chart

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.