Ethereum Consolidates above $1,300 Support, Eyes the $1,675 High
Ethereum (ETH) price analysis, January 30, 2021. Following a retest at $1,440 on January 29, Ethereum has been retracing for the past two days.
Ethereum Price Long-Term Analysis: Bullish
The altcoin has retraced and found support above $1,300 or above the 21-day SMA. Ethereum is trading at $1,339 at the time of writing. The price action is indicating small body candlesticks like Doji and Spinning tops.
The appearance of these candlesticks will mean that the biggest altcoin will consolidate above the current support. As Ether resumes consolidation above $1,300 support, the bulls have retested the $1,440 resistance thrice but unable to sustain the uptrend. However, buyers have been able to sustain recent rallies. Nonetheless, if the price breaks the $1,440 resistance, Ether will attain a new target price of $1,675. On the other hand, we expect the market to continue to fluctuate between $1,200 and $1,440.
Ethereum Indicator Analysis
Ethereum is sloping below the 80% range of the daily stochastic. It indicates that the coin is neither in a bullish momentum nor bearish momentum. The price is likely to fluctuate in a confined range in the meantime. The 21-day and 50-day SMA are pointing northward indicating the uptrend.
Key Resistance Zones: $1600, $1,700, $1,800
Key Support Zones: $800, $700, $600
What Is the Next Direction for Ethereum?
The biggest altcoin appears to consolidate in the meantime. There seems to be no significant price movement. Incidentally, the Fibonacci tool analysis will remain the same as price consolidates. On January 9 uptrend; a retraced candle body tested the 61.8 % Fibonacci retracement level. This retracement indicates that ETH will rise to level 1.618 Fibonacci extensions or a high of $1,737.95.
Disclaimer. This analysis and forecast are the personal opinions of the author and not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their research before investing funds.
Source: Read Full Article
