Ethereum price hit a high of $1,289 and got heavily rejected. The digital asset plummeted down to $1,065 but quickly recovered as bulls bought the dip. Ethereum had a major breakout on January 2, climbing from $700 towards $1,162 in 48 hours. Since then, the digital asset has slowed down significantly against Bitcoin, which has established new all-time highs. Despite the significant rally, Ethereum is showing some red flags as the digital asset looks to be topping out around $1,300. Bitcoin regained its dominance against the market as the ETH/BTC pair quickly shifted in favor of BTC. Ethereum price needs to climb above $1,300 to maintain control ETH/USD 12-hour chart On the 12-hour chart, Ethereum bulls have defended a crucial support level at $1,080, which is the 12-EMA. As long as they can keep Ethereum price above this point, the uptrend will remain intact. A breakout above $1,300 can quickly drive ETH towards the all-time high at $1,440. ETH MVRV (30d) chart However, it seems that Ethereum price has just passed into the risk zone according to the MVRV (30d). This metric has hit its highest point since December 2017 and it’s usually an accurate indicator of potential tops and upcoming corrections. ETH IOMAP chart If the bears can push Ethereum price below the 12-EMA at $1,100 on the 12-hour chart, the digital asset can quickly dip towards $1,000, which is the next most significant support point according to the In/Out of the Money Around Price (IOMAP) chart. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next USD/CAD stays below 1.2700 after disappointing US and Canada jobs reports FX Street 1 year Ethereum price hit a high of $1,289 and got heavily rejected. The digital asset plummeted down to $1,065 but quickly recovered as bulls bought the dip. Ethereum had a major breakout on January 2, climbing from $700 towards $1,162 in 48 hours. Since then, the digital asset has slowed down significantly against Bitcoin, which has established new all-time highs. Despite the significant rally, Ethereum is showing some red flags as the digital asset looks to be topping out around $1,300. Bitcoin regained its dominance against the market as the ETH/BTC pair quickly shifted in favor of BTC. Ethereum price needs… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.