Ether is up less than 1% but could rally higher in the near term.
ETH has been trading below the $1,300 resistance in recent weeks.
The total crypto market cap remains above the $800 billion level.
Ether Could Rally Towards $1,250
ETH, the native token of the Ethereum network, performed poorly last week. The coin lost over 5% of its value last week and slipped below the $1,200 level during that period.
However, ETH seems to have recovered from its recent slump and may soon stage a rally. at press time, ethereum price It stands at $1,184 per coin with an increase of less than 1% in the last 24 hours.
ETH’s recovery comes at the same time as the broader crypto market is also recovering. The total cryptocurrency market cap is around $810 billion, which is up less than 1% year to date.
bitcoin price is also up less than 1% and is now trading above $16,700 per coin.
key levels to watch
The ETH/USD 4-hours chart is bearish while Ether is slowly recovering from its recent bearish losses. Technical indicators suggest that bulls may soon gain control of the broader Ethereum market.
The MACD line remains below the neutral zone, a sign that the bears have been in control in the recent past. However, if the rally accelerates, the line may move into the positive zone.
The 14-day RSI of 39 shows that ETH is no longer in the oversold zone and could soon rally higher. If the bulls gain further momentum, ETH could surpass the first major resistance at $1,250 before the end of the day.
However, the second key resistance level at $1,303 could prove difficult for Ether in the near-term as the bearish sentiment refuses to go away completely.
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