Ann Mugoiri, a crypto and blockchain technical analysis specialist at CryptoPolitan, has identified the $1,300 level as a deciding zone for Ethereum’s upcoming trend as the price is struggling to keep up the bullish momentum near the critical resistance.
- According to Ann’s analysis, Ethereum’s price has been fluctuating within a descending triangle, but this pattern may be disrupted in the upcoming sessions. ETH may experience a rapid slide below the triangle if it fails to survive above $1,300.
- ETH has increased by 3.68 percent during the past week and currently testing the dynamic resistance at the 50 EMA after declining by 22.34 percent over the previous month.
- Currently, the price is holding above the 9 EMA and roaming inside the large bullish candle plotted on November 30th. A break above the current consolidation range may trigger a bullish trend reversal.
- The Relative Strength Index (RSI) value keeps rising above 50, indicating ETH is still holding bullish momentum. However, the 100 EMA is still moving below the 200 EMA, signaling a bearish crossover.
- In case of a bearish reversal, immediate support at $1,260 may play a crucial role. Contrarily, a potential bullish breakout at $1,300 may push the price toward the upcoming resistance near $1,420.
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