ETH is DEAD 2023!!!

Ethereum price analysis shows a downward trend.
ETH has retreated from its two-day high of $1,219.
ETH is consolidating above $1,200, with a bearish tilt.

According to a recent Ethereum price analysis, the price of ETH has been bouncing in a very narrow range over the last few weeks. Ethereum has had a minor reversal today after a two-day run that saw the cryptocurrency briefly rally near $1,250 resistance.

Over the last two weeks, the price of Ethereum has been fluctuating in a band between $1,200 and $1,250. The bulls have failed to clear the critical barrier at $1,250 convincingly, and ETH/USD may potentially fall toward the $1,150 support level .

The overall market mood continues to be pessimistic, with ETH slipping below the 20-day moving average.
Ethereum is currently at $1,209.94, a 0.75 percent decrease from its two-day high of $1,219. The bulls must defend the $1,170-$1,180 support zone to commence a new rally toward $1,250.
A strong close below $1,170 may pave the way for a further slide toward the 50-day and 100-day moving averages, which are both at $1,100. The bulls must break above $1,250 to initiate a new rise in ETH/USD.

Ethereum price analysis on a daily chart reveals that ETH has been consolidating in a range above the $1,200 support. However, it has dropped out of the content in the last few hours. If the bears can sustain the price below $1,170, a more significant drop toward $1,100 is likely.
To begin a new upward trend, Ethereum must break over the $1,220 barrier. The overall market attitude is adverse, and bulls must generate momentum above $1,200 and $1,220 to sustain the price above essential supports.

On the 4-hour chart, the Relative Strength Index is below 50, indicating a bearish trend in ETH/USD. The MACD is also in the negative area, implying that ETH will suffer further losses in the short term.

Conclusion of Ethereum price analysis
Finally, Ethereum price analysis indicates that ETH/USD may continue erratic and range-bound until it finds a definite direction. On the downside, if the bears can break through the $1,170 support level , a larger drop toward $1,100 is likely. On the plus side, the bulls require to break above $1,220 and $1,250 levels to start a fresh increase.


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