Ethereum Trades Marginally as It Remains Stable above $1,200

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Ethereum ETH) Current Statistics
The current price: $1,221.38
Market Capitalization: $149,465,446,822
Trading Volume: $2,551,254,120
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $2,500, $1,500, $1,000

Ethereum (ETH) Price Analysis December 24, 2022
Ethereum (ETH) price has recently picked up bullish momentum as it remains stable above $1,200. As the cryptocurrency gained support above $1,157 on December 16, sellers attempted to drive it lower. Ether’s price did, however, rebound on December 20 after retesting the 21-day simple moving average. The moving average lines may provide resistance to the current bullish trend. On the upside, Ether will regain bullish momentum if the price breaks above the moving average lines and the $1.300 resistance. The biggest altcoin will reach previous peaks of $1,400 and $1,600 if buyers are successful. The altcoin will drop to the current support if it is rejected at the moving average lines.

ETH Technical Indicators Reading
Because of the recent price recovery, Ether has reached the Relative Strength Index level of 47 for period 14. Ether is in a bearish trend and is expected to fall further. Price declines are indicated by price bars that are lower than the moving average lines. Ether is approaching the daily Stochastic level of 75.

Conclusion
The price of Ethereum is increasing on the 4-hour chart as prices remain stable above $1,200. As Ether approaches the overbought region, the upward correction is likely to be rejected. Ether will decline if sellers show up in the overbought area. The altcoin will exceed the $1,100 support level.

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