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The price of Ethereum shows a lack of momentum of its own, although the recent growth of bitcoin has pushed ETH to another maximum of fluctuation. Failure at this level caused a sell-off, which may continue and reduce the price of the token to critical support levels.
In the period from December 12 to December 14, the price of Ethereum rose by 8.8% and set three equal highs at $ 1,350. This movement showed a lack of momentum among the bulls, which led to a sudden reversal. As a result, ETH lost 8.4% and is currently hovering around $1,270.
The only consolation after losing recent gains is that the Relative Strength Index (RSI) is bouncing off the midpoint at 50. Thus, the RSI rebound is able to help buyers return to the market. In this case, the Ethereum price should turn the $1,350 barrier to the support level, which will confirm the strengthening of buying pressure.
As a result, the Ethereum price may retest the resistance levels at $1,422 and $1,545.
Daily ETH/USDT Chart
If the Ethereum price breaks through the support level at $1,195, this will be the first sign of weakness. The ongoing surge of pressure from sellers, followed by the closing of the daily candle below $1150, will create a lower low and cancel the bullish momentum.
In this case, the Ethereum price can return to the $1073 level and collect the liquidity for sale remaining below this level.
