Ethereum (ETH/USD) is gearing for a recovery above $1,250

Ethereum (ETH/USD) is gearing for a recovery above $1,250


Ethereum token has gained by 11% in a week

The token eyes $1,250 as recovery takes shape

We need further confirmations/breakout before buying ETH

Binance

Ethereum price (ETH/USD) bulls are relentless despite a prolonged crypto winter. A gain of 11% in the last one week has taken the token to $1,205. The price level is close to the support zone of $1,250. Does this indicate ETH has initiated a bullish reversal?

Far from it – ETH is not yet bullish, but recent recovery boosts chances of it recapturing the $1,250 level. It should be remembered that analysts have been calling for a below $1,000 ETH price to another bottom price. However, Bloomberg senior macro strategist Mike McGlone expects Ethereum to hold up above $1,000. In his view, $1,000 is pretty solid support for ETH. He still warns that the FTX implosion impacts will linger longer before any bullish movement.

ETH price movement and outlook amid slight recoveries

Ethereum printed a low of $1,080 earlier this month after the FTX collapse. Bulls have kept the level intact, despite repeatedly losing the war at $1,250. ETH retested the November bottom and is on recovery towards the resistance again. Investors will eye a potential breakout at the key level to ascertain if higher prices are possible.

ETH/USD Chart by TradingView

The technical indicators show an improved price outlook for Ethereum. A bullish MACD crossover was initiated as the price recovered, although it remains in the bear zone. 

The RSI reading has shifted from the oversold region. However, it remains below the midpoint, indicating that sellers still have the upper hand on the cryptocurrency.

Should you buy ETH?

A price recovery to $1,250 is imminent for the Ethereum token. However, if considering buying ETH, you should wait until a breakout is confirmed above $1,250. A breakout would set up the cryptocurrency for the next potential resistance at $1,450 and $1,650.

On the flip side, if buyers fail to break above $1,250, ETH will remain under the control of bears. A price return to $1,000 is on the horizon or even lower.

Where to buy ETH

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in.

It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest.

eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy ETH with eToro today

Disclaimer

OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in.

OKX takes customer security very seriously, they store almost all of their clients’ funds in cold storage, and the exchange is yet to be hacked.

On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.

Buy ETH with OKX today

Disclaimer



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Pin It on Pinterest