Ethereum Hovered Near the $1,250 Resistance on Wednesday
Ethereum network to surpass bitcoin in transaction volume in 2022
Wait for bullish confirmation before buying ETH
Ethereum (ETH/USD) is trading above its key resistance area of $1,250 after a 3% recovery on Wednesday. This level has proved difficult to break since breaking below it in mid-December. The new year recovery may put the bulls on alert, though it is too early to judge how far the price can go further.
Although 2022 Was a Tough Year for Ethereum, Fans Will Be Happy cryptocurrency news on network activity. Data from Ycharts and Nasdaq shows that Ethereum topped Bitcoin in transaction volume last year. The network saw 408.5 million transactions, surpassing bitcoin’s 93.1 million. High volatility in Ethereum was associated with events such as NFT launches. However, bitcoin retained the crown of the most searched cryptocurrency.
Data from Bitinfocharts shows that in 2023, the transaction volume for Ethereum is still on the rise. As of January 2, the count has reached 924,614, which is more than 229,191 for bitcoin.
Ethereum On A Short-Term Appreciation To The $1,250 Resistance
ETH/USD Chart by TradingView
A technical approach suggests that ETH is trading with a major short-term trend line initiated below $1,100. The cryptocurrency is trading with better buy side volume, although still not very significant. The MACD indicator is bearish, but there is a slight improvement in momentum.
What to watch next for ETH
Ethereum is a candidate for a bullish breakout above the $1,250 resistance. The bullish candlestick will be watched by the buyers.
Conversely, the bears can control the price in the resistance zone. This could see ETH slide into a short term ascending trend line.
if you are considering buy eth, it is important to watch the price successfully retrace $1,250. As long as the price remains below this level, ETH is vulnerable.
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