Ethereum rose 4.25% to $1,266.53 on Wednesday.

Despite the cryptocurrency market’s ongoing crisis, the ETH price prediction remains bullish, as the token managed to recover slightly on the day. This was seen after Bitcoin (BTC), the world’s most valuable cryptocurrency, managed to stay above $16,600 early Wednesday morning.

The global crypto market cap was $826.96 billion, up more than 2% in 24 hours. As a result, the positive crypto market was a key factor in ETH prices remaining bid. The current price of Ethereum is $1,268 with a $8 billion 24-hour trading volume.

Ethereum has gained 5.5% in the last 24 hours. With alive market cap of $155 billion, Ethereum is now ranked second in the market. There are 122,373,866 ETH coins in circulation.

LONG-TERM TECHNICAL ANALYSIS

This daily chart of Ethereum indicates, that Ethereum is trading in a down channel, RSI suggests that the market is in a selling zone which indicates bearishness, it is trading below all SMA except MA (5), MACD is in a selling zone which indicates bearishness