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

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  • The Ethereum token is up 11% in a week

  • Token Eyes $1,250 As Recovery Takes Shape

  • We need more confirmation/breakout before buying ETH

ethereum price (ETH/USD) Bulls are relentless despite the long crypto winter. An 11% gain over the past week has taken the token to $1,205. The price is near the $1,250 support area. Does this indicate that ETH has started a bullish reversal?

Far from it – ETH is not bullish yet, but the recent recovery makes it more likely to reach the $1,250 level again. It should be remembered that analysts are calling for a below $1,000 ETH price. However, Mike McGlone, Senior Macro Strategist at Bloomberg, expects Ethereum to remain above $1,000. In his view, $1,000 is a pretty solid support for ETH. He still cautions that the FTX explosion effect will be around for a long time before any bullish movement.

ETH price movement and outlook amid minor correction

Ethereum printed a low of $1,080 earlier this month following the collapse of FTX. Despite repeatedly losing the battle at $1,250, the bulls have held the level. ETH tested the November bottom and is moving towards resistance again. Investors will be watching for a possible breakout of the key level to gauge the possibility of higher prices.

ETH/USD Chart by TradingView

Technical indicators show a better price outlook for Ethereum. A bullish MACD crossover was triggered with the price correction, although it remains in the bear zone.

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

Should You Buy ETH?

A price recovery towards $1,250 is imminent for the Ethereum coin. However, if consider buy eth, You should wait for confirmation of a breakout above $1,250. A breakout will set the cryptocurrency up for the next potential resistance at $1,450 and $1,650.

On the other hand, if the buyers fail to break above $1,250, ETH will remain in the control of the bears. The price is at or below the retracement horizon of $1,000.

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