Ethereum (ETH/USD) price as cryptocurrency falls below $1,200 – Crypto News – Crypto News
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Ethereum (ETH/USD) rises above $1,250 support, but buyers may still be unconvinced Ethereum (ETH/USD) rises above $1,250 support, but buyers may still be unconvinced

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Ethereum (ETH/USD) price as cryptocurrency falls below $1,200 – Crypto News

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3 years ago

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  • Ethereum fell by 1.87% on Wednesday to relinquish the $1,200 price level

  • Ethereum price is ailing from the weak sentiment in the crypto sector

  • The price faces further slump although it has some stability

Looking to buy ethereum (ETH/USD) in the new year? Probably waiting a little longer would help. Ethereum is yet to find a bullish footing, and further downsides are possible. The recent price action shows this, but it is not outright.

Trading down 1.87% on Wednesday, Ethereum had slipped below the $1,200 price level. The loss is not unique to the second-largest cryptocurrency. All the cryptocurrencies in the top 10 by market cap were in the red. That probably tells that although crypto fans may wait for 2023 with enthusiasm, it may still be too early to jump into the ship.

Ethereum is a cryptocurrency with huge potential, considering that it trades at just four times less value than its 2021 highs. Then, the merge happened this year, and the blockchain transitioned to the proof of stake protocol. Yet again, the price has failed to take off. Perhaps, we should take the words of the co-founder Vitalik Buterin that we should focus on the technology rather than the price. But to crypto speculators, price matters most. What crypto enthusiasts want is when is the next bull run. The answer is plain, not yet! The price action shows below.

ETH sliding below the support-turned resistance

ETH/USD Chart by TradingView

On the technical outlook, Ethereum is sliding into a consolidating market. However, the cryptocurrency is in a bear market with weak momentum. ETH also trades below the $1,250 support zone. The $1,100 continues to support the price and prevent bears from crashing below $1,000.

What next for ETH?

The price outlook for ETH is slightly bearish. However, $1,100 is the level to watch should bear pressure mount. A break below the support would see ETH fall further lower.

On the flip side, bulls must recover above $1,250 to consider further upside for ether price, For buyers, it could be crucial to wait for a bullish momentum.

Where to buy ETH

eToro

eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.

Buy ETH with eToro today

bitstamp

Bitstamp is a leading cryptocurrency exchange that offers trading in fiat currencies or popular cryptocurrencies. Bitstamp is a fully regulated company that offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.

Buy ETH with Bitstamp today

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