• Ethereum price climbed the charts to trade at $1,250 after a 3.4% rise on Wednesday.
  • If Ethereum flips the resistance of $1,263 into support, it would be able to push higher to tag $1,306 and register a 10% rally.
  • Should bearishness take command, Ethereum would be forced to defend $1,148, losing which would invalidate the bullish thesis.

Ethereum price has been performing far better in comparison to other altcoins despite correcting significantly during the FTX crash. The cryptocurrency is still maintaining its macro uptrend, which is crucial for ETH to recover its losses.

Furthermore, Ethereum price, along with the broader market, could also be impacted by the December 2022 Nonfarm Payrolls. Economists are expecting the United States jobs report to report about 200,000 job gains for the last month of 2022. 

However, should the US Bureau of Labor Statistics report higher figures as they did in September 2022, Ethereum and other cryptocurrencies' prices could dip due to a decline in demand. If not, Ethereum price is most likely to follow the broader market cues.

Etheruem price takes a breather

Ethereum price could be seen trading at $1,250 at the time of writing as the second-generation cryptocurrency made some recovery this week. After being rangebound between $1,233 and $1,187 for almost two weeks, ETH broke out this week, setting its eyes on reclaiming $1,300.

In order to do so, the Ethereum price would need to continue its bullish run induced by the buyers. This would allow ETH to breach its immediate resistance at $1,263 and push toward the critical resistance level at $1,306. From there on, the altcoin king would need to tag $1,370 in order to initiate recovery for losses suffered in November last year.

However, it could face some sideways movement over the next few days as the market is overheated at the moment. The Relative Strength Index (RSI) currently highlights that the market is cooling down at the moment. The presence of the indicator in the overbought zone (beyond 70.0) is usually followed by corrections or undeviating movement in the prices.

ETH/USD 4-hour chart

ETH/USD 4-hour chart

Although, at the moment, the former will not be the case because the cryptocurrency also has the support of the 30-, 50- and 100-day Exponential Moving Averages (EMA).

If the Ethereum price were to lose these EMA supports, it would still have multiple support levels to fall back on. But if ETH falls through $1,229 and $1,187, it would end up tagging the critical support at $1,148. A daily candlestick close below this level would invalidate the bullish thesis, resulting in the altcoin king falling to the lows of $1,099, registering a 12% decline.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Bitcoin is showing rising correlation with the S&P 500

Bitcoin is showing rising correlation with the S&P 500

Bitcoin and the crypto market have been in an uptrend since Wednesday following the Federal Reserve's decision to cut interest rates by 50 basis points. Bitcoin is up nearly 3% in the past 24 hours, rising briefly above the $63,000 level for the first time in three weeks.

More Bitcoin News
Ethereum rallies over 6% following decision to split Pectra upgrade into two phases

Ethereum rallies over 6% following decision to split Pectra upgrade into two phases

In its Consensus Layer Call on Thursday, Ethereum developers decided to split the upcoming Pectra upgrade into two batches. The decision follows concerns about potential risks in shipping the previously approved series of Ethereum improvement proposals.

More Ethereum News
Consensys case against SEC over Ethereum dismissed by Texas court

Consensys case against SEC over Ethereum dismissed by Texas court

Consensys announced dismissal of a case it filed against the SEC in April about the agency's alleged actions against Ethereum. Judge Reed O'Connor of the Northern District of Texas dismissed the case on Thursday. Consensys claims that the court failed to examine the "merits" of its claim against the SEC.

More Cryptocurrencies News
XRP eyes gains as Ripple gears up for stablecoin launch, Grayscale XRP Trust notes rising NAV

XRP eyes gains as Ripple gears up for stablecoin launch, Grayscale XRP Trust notes rising NAV

Ripple (XRP) gained 2.3% since the start of the week. The altcoin’s gains are likely powered by key market movers that include Ripple USD stablecoin, Grayscale XRP Trust performance and the demand for the altcoin among institutional investors. 

More Ripple News
Bitcoin: On the road to $60,000

Bitcoin: On the road to $60,000

Bitcoin price retested and bounced off from the daily support level of $56,000 this week. US spot Bitcoin ETFs posted $140.7 million in inflows until Thursday and on-chain data supports a bullish outlook.

Read full analysis
Moneta Markets review 2024: All you need to know

Moneta Markets review 2024: All you need to know

VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.

Read More

BTC

ETH

XRP