The Ethereum price is trading laterally on its daily chart. The coin has moved south by 1.8% in that timeframe. Both the bulls and bears are trying to take over the market as the altcoin remains within a congested price zone. If the altcoin price is rejected at higher levels, the chance of a reversal might increase.
This would mean that bulls represented an upper hand. Moving sideways, however, will bring the asset close to its local support line of $1,220. The current technical outlook indicates that the bulls have not exited the market. If the bulls remain in the market, a breakout above the $1,300 price mark can be predicted.
In the event of continued consolidation, the chance of a move upward cannot be completely ruled out. The significant recovery often allows the traders to replenish their losses before the altcoin starts to trade southward.
Traders might be presented with an opportunity to enter the market at $1,220 before ETH attempts to revisit the $1,300 price. Ethereum is trading at a price nearly 74% below its all-time high secured in 2021.
Ethereum Price Analysis: One-Day Chart
ETH was exchanging hands at $1,251 at the time of writing. The coin has been swaying between the $1,220 and $1,300 marks. However, indicators have continued to side with the bulls as buyers have shown interest in the asset.
Overhead resistance for the Ethereum price was at $1,260. After breaking through that barrier, the coin will face a new one at $1,300. On the flip side, falling from the $1,251…