Ether is up by less than 1% but could rally higher in the near term.
ETH has been trading below the $1,300 resistance level in recent weeks.
The total crypto market cap has remained above the $800 billion level.
Ether could rally towards $1,250
ETH, the native token of the Ethereum network, underperformed last week. The coin lost more than 5% of its value last week and slipped below the $1,200 level during that period.
However, ETH seems to be recovering from its recent slump and could rally higher soon. At press time, the price of Ethereum stands at $1,184 per coin, up by less than 1% in the last 24 hours.
ETH’s recovery comes at the same time that the broader crypto market is also recovering. The total cryptocurrency market cap stands at around $810 billion, up by less than 1% so far today.
The Bitcoin price is also up by less than 1% and is now trading above $16,700 per coin.
Key levels to watch
The ETH/USD 4-hour chart is bearish despite Ether slowly recovering from its recent slump. The technical indicators show that the bulls could regain control of the broader Ethereum market soon.
The MACD line remains below the neutral zone, a sign that the bears have been in control in recent days. However, the line could enter into the positive zone if the rally gains steam.
The 14-day RSI of 39 shows that ETH is no longer in the oversold region and could rally higher soon. If the bulls gain further momentum, ETH could break past the first major resistance level at $1,250 before the end of the day.
However, the second major resistance level at $1,303 could prove difficult for Ether in the near term as the bearish sentiment refuses to completely go away.
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