Ethereum Trades in a Tight Range as It Halts at the $1,300 Barrier Level

Ethereum ETH) Current Statistics
The current price: $1,254.93
Market Capitalization: $153,570,557,512
Trading Volume:$4,815,545,045
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $2,500, $1,500, $1,000

Ethereum (ETH) Price Analysis December 12, 2022
Ethereum (ETH) price is trading between the moving average lines as it halts at the $1,300 barrier level. Since November 30, Ether has been fluctuating below the $1,300 psychological threshold. Buyers and sellers have failed to keep the price below or above the moving average lines. After every rejection, Ether will backtrack beyond the $1,200 mark. Ether has risen above the current support as bulls bought the dips today. In the worst case, if the bears break below the current support, Ether will fall and find support above the $1,100 low. Buyers have been defending the current support since the price retracement on November 30.

ETH Technical Indicators Reading
Ethereum’s Relative Strength Index level for period 14 is 49. Demand and supply have been balanced. The placement of the price bars to the moving average lines suggests that the range of the price of Ether will remain. For Ether, the daily Stochastic is at level 20 or lower. The market has reached the oversold level. It’s unlikely that the selling pressure will increase.

Conclusion
Ethereum price oscillates between the moving average lines as it halts at the $1,300 barrier level. The price movement has been stagnant because of the appearance of Doji candlesticks. The upward progress has been halted at the $1,300 barrier level. Ether’s price will either increase or decrease because it trades in a limited price range.

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