Ether is seeing a slow and steady uptrend and is likely to continue given that it gained 2.74% in the last 24 hours. This fresh surge comes after the second most popular cryptocurrency dropped 13% in mid-December, ending volatility. The price drop was quickly followed by a lofty attempt at recovery. This led to a consolidation in the form of higher highs and higher lows.
At the time of writing this article, Ether was trading at $1,249 as per data from CoinMarketCap. The price action from mid-December 2022 to date has formed a bearish flag. The technical formation for ETH price suggests a 13% drop to $1,050 is in the cards. The drop could happen around the $1,205 mark. Ether is likely to continue its descent to retest the theoretical target at $1,050.
On the upside, if Ethereum’s price produces a four-hour candlestick close above $1,266 it will have infiltrated the flag’s upper limit and brushed off the bearish outlook. However, ETH faces resistance at $1,250 and the bulls have failed to clear this key resistance. Overall, the market sentiment remains bearish.
