- Ethereum’s bullish action stalls at $150 but the technical picture remains positive.
- The former resistance at $148 turns into a vital support for Ethereum.
Ethereum is trading 4% higher on the day following widespread recovery movements across the board. The stubborn selling activity at $148 was smashed this time, allowing Ether to jump above $150.
However, the trend became unstainable, forcing the bulls to take a step back to
The buyers have no choice but to break the $150 barrier. The move will not only allow them to focus on $160, but also it will remove the risk of plunging back to the support at $142. Other key support areas include $140, $130 and $120. In addition to that, the ascending trendline is in line to offer support if a reversal occurs.
ETH/USD 1-hour chart
Ethereum (ETH/USD) forecast on January 27 — February 2, 2020
Cryptocurrency Ethereum (ETH/USD) is trading
Ethereum (ETH/USD) forecast on January 27 — February 2, 2020
As part of the Ethereum rate forecast, a test of level 152 is expected. Where can we expect an attempt to continue the growth of ETH/USD and the further development of an upward trend. The purpose of this movement is the area near the level of 200. The conservative buying area Ethereum is located near the lower border of the Bollinger Bands indicator strip at 134.
Cancellation of the option to continue the growth of the Ethereum rate will be a breakdown of the lower border of the Bollinger Bands indicator stripes. As well as the moving average with a period of 55 and closing of quotations of the pair below the area of 128. This will indicate a change in the current trend in favor of the bearish for ETH/USD. In case of breakdown of the upper border of the Bollinger Bands indicator bands, we should expect an acceleration in the fall of cryptocurrency.
Ethereum (ETH/USD) forecast on January 27 — February 2, 2020 implies a test level of 152. Further growth is expected to continue to the area above level 200. The conservative buying area is located near area 134. The breakdown of the cryptocurrency growth option will be the breakdown of level 128. In this case, we should expect further fall.
Ethereum Hesitates But Further Losses Seem Likely: Key Levels To Watch
Ethereum is down more than 10% from the 2020 high against the US Dollar, similar to bitcoin. ETH price is likely to test the $148 support area before a fresh increase.
- ETH price is currently correcting lower from the $179 swing high against the US Dollar.
- The price is showing a few bearish signs and it might decline below the $158 support.
- There is a major contracting triangle forming with support near $158 on the 4-hours chart of ETH/USD (data feed via Kraken).
- The pair could either rally again above $165 or it might extend its decline towards $148.
Ethereum Price Could Correct Further
This past week, both bitcoin and Ethereum started a downside correction from well above $170 and $8,500 respectively against the US Dollar. ETH price formed a short term top near the $179 level and corrected below the $170 support area.
Moreover, there was a close below the $165 support area. However, the bulls were able to protect the key $158 support area and the 100 simple moving average (4-hours).
The price traded as low as $156 and it is currently trading in a range. It is testing
Therefore, a downside break below the key $158 support area and the 100 simple moving average (4-hours) could start a downside extension. In the mentioned case, Ethereum price is likely to dip towards the $150 level.
The main support is near the $148 level, where the current correction from $179 might end and the bulls could take a stand for a fresh increase.
What’s Bullish for ETH?
If ETH bulls are able to protect the $158 support and the 100 simple moving average (4-hours), there are chances of a fresh increase. On the upside, a clear break above the triangle resistance near $162 might start an upward move.
The first hurdle is near the $168 level since it is near the 50% Fib retracement level of the corrective was from the $179 high to $156 low. The main resistance is near the $170 level, above which Ethereum is likely to surge towards the $180 resistance in the near term.
4 hours MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
4 hours RSI – The RSI for ETH/USD is currently near the 55 level.
Major Support Level – $158
Major Resistance Level – $170
Latest News and Top Headline for Ethereum (ETH), January 25th, 2020
- Ethereum’s medium-term outlook is bullish – Analyst
- Ethereum will follow Bitcoin’s direction
- All crypto, including Ethereum, will have a positive year
Ethereum News Today – in the past week, leading digital currencies Bitcoin, and Ethereum among a host of others finally begun to stall. These assets (especially Ethereum) have seen their prices tank overboard, losing 10% since reaching highs from the week before. Despite this, analysts remain optimistic regarding the outlook for some assets. Claiming coins like BTC and ETH are bullish. One trader noted recently that the Ethereum price is set to go higher from the medium-term.
Ethereum (ETH) Price Today – ETH / USD
Ethereum’s Medium-Term Outlook Bullish
Prominent Bitcoin proponent and crypto trader, with the alias Flipper, recently remarked that Ethereum’s weekly chart displays relatively bullish signals after the coin’s price bottomed at $120. The analyst specifically cited that Ethereum’s Heiken Ashi candles (which is a unique charting technique that is used to easily determine trends) for Ethereum, have all turned green via the weekly chart of ETH/USD.
This outlook suggests that a medium-term bullish trend-line is beginning to form. The analyst also added that Ether has broken the falling wedge structure that was constraining its price action for the past six months, which is boding well for the bulls.
Ethereum Will Follow Bitcoin’s Action
Ethereum’s price movement, while seemingly bullish at the moment, largely depends on the price action of Bitcoin. It is no secret in the crypto community that most altcoins trace Bitcoin. Fortunately for Ethereum investors, analysts expect the leading cryptocurrency to appreciate soon. Probably in the coming months. BTC could rally to $12,500. Although this would require a 50% rally from its current levels. While a similar move in the price movement of Ethereum could put it at $250.
In October last year, the analyst, Filb Filb showed in a BTC chart that he was expecting the price of Bitcoin to surge to $10,000, before crashing to $6,400 to reach a macro bottom. BTC did exactly that. And this gave him a great track record when it comes to analyzing the price action of digital assets.
There are also fundamentals suggesting that the cryptocurrency market, ETH included, will enjoy a largely positive 2020. In December 2019, Changpeng Zhao said he had seen an increase in institutional interest in Ethereum, which is good news for the market. He also added that Ethereum’s long-term outlook and that of the industry overall is decisively positive for 2020.