Skip to main content

ETHEREUM PRICE ANALYSIS: ETH SHOWING STRENGTH, IS $235 IN SIGHT?





Ethereum has seen a 2% price rise over the past 24 hours, and it’s currently trading at around $219. The cryptocurrency had managed to remain above a rising support trend line, with its price increasing by a full 11% over the previous 6 days.
Ethereum remains the second-largest cryptocurrency by market value, with a market cap of $23.64 billion. The ETH price is still up by 37% over the past 3 months, making it the strongest performer among the top five projects beyond Bitcoin.
Looking at the ETH/USD 1-day chart:
Since our previous ETH/USD analysis, the support at $202 and the rising trend line have held very well, allowing ETH to rise to where it currently trades at the resistance provided by the 200-day EMA at $220. 
From above: If the bulls can break above $220 and the subsequent resistance at $230, we can expect immediate resistance at $235 provided by the 100-day EMA. This will be followed by resistance at $240. Once ETH/USD has cleared this hurdle, higher resistance lies at $250, $271, $279, and $298.
From below: The nearest level of support lies at the rising trend line (around $205). This is followed by strong support at $202 and $200. If the price breaks beneath $200, further support is found at $193 (.786 Fib retracement), $178, $165, and $152.
The trading volume remains very low with no signs of increasing.
The RSI has recently risen toward 50 as the bulls have attempted to gain control. However, the Stochastic RSI suggests that the market may be extremely overbought as we wait for a bearish crossover signal to confirm this.



Looking at the ETH/BTC 1-day chart:

The resistance at 0.022 BTC was too strong for the bulls, which caused ETH/BTC to reverse and fall. The market has fallen along the contour of our steep descending trend line, being unable to break above this level.

From above: The nearest level of resistance lies at 0.021 BTC. Above this, higher resistance is found at the upper boundary of the steep downtrend channel. If the price can break above the channel, resistance lies at 0.02192 BTC, 0.0225 BTC, 0.023 BTC, and 0.02390 BTC.

From below: The nearest level of support lies at the downside 1.618 Fibonacci extension level of 0.02042 BTC. If the sellers push the price below 0.02 BTC, we can find support at 0.01966 BTC, 0.01937 BTC, and 0.018507 BTC.

The RSI was recently turned away from the 50 level, which confirms that the sellers are still in complete control of the market.



Comments

Post a Comment

Popular posts from this blog

As Australia Burns, Binance Donates $1 Million Worth Of BNB

Australia is in severe pain as massive bushfires spread across the country with a staggering 10 million hectares of land consumed by the ferocious flames, leaving at least 2500 buildings destroyed and 25 people and 500 million animals dead. Binance To Help With Australia’s Distress Many institutions and people from around the world, including foreign governments, private institutions, celebrities, and everyday people, have responded to the country’s current situation by offering prayers, thoughts, and donations to the Australian burnfire relief. One of the latest donations comes from the Binance Charity Foundation, the blockchain-based charity division of the world’s leading crypto exchange Binance. Binance Charity announced January 7 that it had made a $1 million (A$1.45m) worth of BNB donation as a lead for its new charity project, Australia Bushfire Donations, to raise funds for the dire situation in Australia. According to Binance, the funds raised in the new initiat...
Post a Comment
Read more

Legendary Rock Star Gene Simmons Buys Cardano (ADA) Worth $300,000

Famous rock star Gene Simmons continues his cryptocurrency adventure, this time investing $300,000 in Cardano (ADA). Gene Simmons, the legendary KISS bassist, has made another dip into cryptocurrencies. The famous musician has expressed his belief in Cardano, presuming 2021 would be “the most productive year” for the altcoin. Believing in the Future of Cardano Rock star Gene Klein, aka Gene Simmons, has appeared in online social media with yet another pro-cryptocurrency commentary. This time KISS’s legendary bass guitarist has expressed his opinion on Cardano and its native digital coin ADA. In his  recent publication  on Twitter, Simmons explained one of his fundamental personal reasons for  investing  and holding the altcoin. The musician pointed out that he believes in Cardano because of Hoskinson (Charles) – Cardano’s creator and co-founder of Ethereum. In his tweet, the musician expressed his trust in the altcoin hopping on Hoskinson’s envision that 2021 would b...
Post a Comment
Read more

Bitcoin Hash Rate Hits All-Time High: Here’s How It Works And How It Affects The Price

Bitcoin intelligence, data, and analytics firm Glassnode found the Bitcoin hash rate hit a new all-time high over the weekend, ten days before the Bitcoin halving event. In other words, miners are putting more computational power into maintaining the Bitcoin network. Because miners must venture electricity and capital intensive computer processors to mine Bitcoin, the increase in hash rate is a bullish sign. It means miners are after the Bitcoin rewards they get from maintaining the network. And they’re venturing the resources to go after those rewards. Is The Bitcoin Hash Rate Correlated With The Price? In general, the Bitcoin price and the hash rate are not correlated. The price is what buyers and sellers agree to pay for one Bitcoin, and there are many factors – external and internal – affecting the price. However, there is a relation between the two. While the price goes up, it’s more profitable to mine, which likely to cause more miners to turn on their mining equ...
Post a Comment
Read more