The price of Ethereum has once again declined at the $1299 price mark, with the coin returning to its charts from the previous day.
Within a 24-hour window, ETH largely remained static on its charts. Continued side trades are expected to push the Ethereum price towards the $1200 support level.
Bitcoin, as the benchmark, has also remained mundane in the last 24-hour window period. This inactivity also held true for the vast majority of altcoins.
Ethereum’s technical outlook strongly suggests that the bulls are not in control of the market. This is indicated by the continued rejection at the $1300 price mark.
Due to limitations in demand, Ethereum will fluctuate between the $1260 and $1360 price marks, respectively. Even though the market is very volatile, there are expectations for the price of ETH to gather momentum within the next trading session because, if it does not do so, there is a real danger that its price may fall way below the $1200 support line.
To obliterate the bearish pressure, ETH would have to gather enough momentum to break the $1360 mark, and just to be certain that it has moved past the threshold, it would have to trade above that level for a lengthy period.
Currently ETH is trading at $1290, with the coin unable to force past the highly resistant $1300 mark ,as sellers took over.
Since an immediate resistance lies at $1300, the $1360 price range is within range, and with it come the bulls, since a price above $1360 would bring the bulls back to the ETH charts.
The current monthly trend was that ETH experienced low buying power on its charts. This has been the reason why it has been going strong in the last couple of weeks. Generally, Ethereum demand remains low.