As of this writing, the price of Ethereum, a second-generation cryptocurrency, was seen to be trading at $1,250.
ETH broke out this week, seeking to recapture $1,300 after spending nearly two weeks rangebound between $1,233 and $1,187.
The Ethereum price would need to maintain its upward trend brought on by purchasers in order to accomplish this.
This would enable ETH to push through its current resistance at $1,263 and move in the direction of the crucial obstacle at $1,306.
The altcoin king would then need to price $1,370 in order to start recovering losses from November of last year.
However, due to the overheated market at the moment, it may experience some sideways movement during the next several days.
The market is currently cooling down, according to the Relative Strength Index (RSI). Indicator overbought Ness (above 70.0) is typically accompanied by price corrections or unreliable price movement.
The 30-, 50-, and 100-day Exponential Moving Averages are supporting the cryptocurrency at the time, therefore the former is not the case (EMA).
The price of Ethereum would still have a number of support levels to fall back on even if these EMA supports were to fail.
But ETH would wind up tagging the crucial support at $1,148 if it fell through $1,229 and $1,187.
The bullish argument would be refuted by a daily candlestick close below this level, which would cause the altcoin king to drop to its lows.
