Ethereum ETH recovering above $1,250. Is this a bullish trigger?

• Ethereum moved near the $1,250 resistance on Wednesday

• Ethereum network will surpass Bitcoin in trading volume in 2022

• Wait for bullish confirmation before buying ETH

ethereum (ETH/USD) is trading at the critical resistance zone of $1,250 after recovering 3% on Wednesday. This level has proven difficult to crack since falling below it in mid-December. It’s still too early to tell how far prices will surge, but a new year’s rally could alarm bulls.

2022 Was A Difficult Year For Ethereum, But Fans Rejoice cryptocurrency news About network activity. Ycharts and Nasdaq data show that Ethereum surpassed Bitcoin in trading volume last year. The network has generated 408.5 million transactions, surpassing Bitcoin’s 93.1 million. Ethereum’s high volatility has been associated with events such as the launch of NFTs. Bitcoin, however, retained its crown as the most searched cryptocurrency.

Data from Bitinfocharts shows that Ethereum trading volume will continue to grow well into 2023. As of January 2nd, the count reached 924,614, surpassing Bitcoin’s 229,191.

Ethereum on Short-Term Rise Against $1,250 Resistance

ETH/USD chart by TradingView

The technical outlook shows ETH trading at the short-term trendline that started at the $1,100 bottom. Cryptocurrencies are trading with improved buy-side volumes, but still not very significant.The MACD indicator is bearish, but momentum is improving slightly.

What to Watch After ETH

Ethereum is a bullish breakout candidate at the $1,250 resistance.

Conversely, the bears are likely to control the price in the resistance zone.

For those who are considering buy ethereum, to successfully settle $1,250, it is important to monitor the price. ETH is vulnerable as long as the price remains below this level.

Where to buy ETH

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Disclaimer

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