Ethereum (ETH) Price Analysis for December 23

By the end of the week, most of the coins are in the green zone, according to the CoinMarketCap ranking.

ETH/USD

Ethereum (ETH) is one of the biggest gainers today, rising by 2.27% over the past 24 hours.

On the local time frame, Ethereum (ETH) is trading in a narrow range, between the support at $1,213 and the resistance at $1,229.

At the moment, the price is on its way to the upper level, which means there is a possibility to see a breakout tomorrow.

On the bigger chart, traders should pay close attention to the recently formed resistance level at $1,230.20. If the candle closes around it, the accumulated energy might be enough for a move to the $,1280 zone. Thus, the buying volume has started to rise, which indicates buyers’ strength.

Analyzing the chart against Bitcoin (BTC), the situation remains unclear as the rate keeps trading sideways. Buyers might seize the initiative — only if they return the price above the 0.073 mark.

Ethereum is trading at $1,223 at press time.

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