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

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  • Ethereum dropped 1.87% on Wednesday leaving the $1,200 price level

  • Ethereum price sickened by weak sentiment in the crypto sector

  • Prices face further downside, although there is some stability in

let’s hope buy ethereum (ETH/USD) Into the New Year? Maybe waiting a little longer would help. Ethereum has yet to find a bullish base, and further declines are possible. Recent price action shows this, but it is not outright.

Ethereum declined below the $1,200 price level on Wednesday with a decline of 1.87%. Losses are not unique to the second largest cryptocurrency. All cryptocurrencies in the top 10 by market cap were in the red. This perhaps suggests that although crypto fans can look forward to 2023 with enthusiasm, it is still too early to jump ship.

Ethereum is a cryptocurrency with huge potential considering it trades at just four times less than its 2021 high. Then, this year the merger happened, and the blockchain shifted to the Proof of Stake protocol. Still, the price has failed to take off. Perhaps, we should heed the words of co-founder Vitalik Buterin that we should focus on technology rather than price. But for crypto speculators, what matters most is price. What Crypto Enthusiasts Want to Know When the Next Bull Run Will Happen. The answer is clear, not now! The bottom shows the price action.

ETH Slipping Below Support-Resistance

ETH/USD Chart by TradingView

On a technical perspective, Ethereum is sliding in a consolidating market. However, the cryptocurrency is in a bear market with weak momentum. ETH is also trading below the $1,250 support area. $1,100 continues to support the price and prevent the bears from declining below $1,000.

What next for ETH?

The price outlook for ETH is slightly bearish. However, $1,100 is the level towards which the pressure should increase. A break below the support will send ETH further down.

On the downside, the bulls must recover above $1,250 to consider further gains ethereum price, For the buyers, it may be important to wait for the bullish momentum.

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