Skip to main content

Ethereum Price Analysis: At $130, ETH Is At A Crossroad, Will The Bulls Finally Wake Up?


  • Ethereum has seen a small 3% price increase over the past 7 days as it trades at the $130 level.

  • Against BTC, ETH still is struggling to break above the resistance at 0.01820 BTC.

  • Ethereum must break above $135 to turn bullish.
Key Support & Resista

Support:  $128, $120, $118.

Resistance: $133.50, $145, $152.
ETH/BTC:
Support: 0.0171 BTC, 0.0169 BTC, 0.0164 BTC.
Resistance: 0.0179 BTC, 0.0184 BTC, 0.019 BTC.
ETH/USD –  ETH Still Struggling To Break $133.50 

Since our last analysis, ETH rolled over from the resistance at $135, causing it to fall into the support at $128.35. The bulls have defended this area, however, the momentum is certainly within the bearish favor at this moment.
If ETH was to drop and fall back beneath the $120 level, the market would be considered bearish. On the other hand, to turn bullish, Ethereum must rise and break above the December highs at $152.
Ethereum Short Term Price Prediction
If the bulls defend the support at $128 and push ETH above $135, an initial resistance is then located at $146, $152, and $158 (100-days EMA). Above this, resistance lies at $165 and $180 (200-days EMA). Alternatively, if the sellers push ETH beneath $128, support lies at $125, and $120. Beneath this, added support is found at $116.
The RSI attempted to break above the 50 level but failed to do so, which shows that the sellers remain in control over the market momentum. Furthermore, the Stochastic RSI recently produced a bearish crossover signal that should help to send the market lower.
ETH/BTC – ETH Fails To Make Movement Above 0.0182 BTC



Against Bitcoin, ETH has remained positive but failed to break above resistance at around 0.0182 BTC. The cryptocurrency has traded sideways as it remains supported at the 0.0179 BTC level.
For this market to be considered as bullish, ETH must rise and penetrate back above the 0.02 BTC level. If ETH was to drop beneath the support at 0.0171 BTC, then the market would be considered bearish.
Ethereum Short Term Price Prediction
If the bulls manage to break above 0.0182 BTC, immediate higher resistance lies at 0.0185 BTC. Then, resistance lies at 0.019 BTC, 0.196 BTC, and 0.020 BTC (100-days EMA). On the other hand, if the sellers push ETH beneath 0.0179 BTC, immediate support is found at 0.0175 BTC and 0.0181 BTC (.886 Fibonacci Retracement level). Beneath this, additional support is found at 0.0169 BTC and 0.01642 BTC.
The RSI is marginally above the 50 level which shows indecision within the market at this moment in time. Worryingly, the Stochastic RSI is primed for a bearish crossover signal that should send the market lower.




Comments

Popular posts from this blog

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...

IN THE NEW DECADE, CRYPTO WILL BECOME ESSENTIAL LIKE EMAIL: SAYS TYLER WINKLEVOSS

It’s the start of a new decade, and industry famous twin Tyler Winklevoss, the co-founder, and CEO of cryptocurrency exchange and custodian company Gemini Trust, has shared his views on what the next ten years hold for crypto. According to Winklevoss, crypto is already becoming more than a niche technology and a form of money, and it will play an essential role in our daily life in the foreseeable future. “Today, crypto is still a niche technology and a form of money. It is not crucial to your everyday life the way email and other web applications are, but our thesis is that this will change — it’s already changing if you look close enough,” Winklevoss wrote. Winklevoss added that the decentralized nature of cryptocurrencies, which empowers individuals, will be the driving force within the new decade. Crypto will not only redesign the internet but will also redesign the financial and monetary systems to protect the rights and dignity of users, he said. The Winklevos...

Qatar Blocks Cryptocurrency Services Throughout The Gulf

As the new year begins, Qatar’s Financial Center, the nation’s regulatory authority, has issued a blanket ban on cryptocurrency-related services in the Gulf nation. The prohibition covers not only cryptocurrencies but “anything of value” that could substitute fiat currencies. Qatar Bans Cryptocurrencies The Qatari Financial Center, which is also the nation’s regulatory authority, has issued a statewide ban on cryptocurrencies and other digital assets that might substitute traditional fiat. Per the report , the authority stated that: “Virtual Asset Services may not be conducted in or from the QFC at this time.” It also reads that this goes for “Anything of value that acts as a substitute for currency, that can be digitally traded or transferred and can be used for payment or investment purposes.” However, it’s also worth noting that the ban doesn’t cover digital forms of securities or other financial instruments that are thoroughly regulated by the Regulatory Authority, ...