Analysis Technical

Ethereum Price Analysis: ETH Relatively Muted, Next Move Finally Coming?

Aayush Jindal | January 25, 2019 | 4:08 am
technical analysis ethereum
Analysis

Ethereum Price Analysis: ETH Relatively Muted, Next Move Finally Coming?

Aayush Jindal | January 25, 2019 | 4:08 am
  • ETH price revisited the $114 support area and later moved higher against the US Dollar.
  • Yesterday’s highlighted declining channel is intact with resistance near $117 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair may soon make the next move either above the $118-119 resistance or below the $114 support.

Ethereum price is confined in a tight range against the US Dollar and bitcoin. ETH/USD is likely setting up for a major move in the coming sessions either above $120 or below $114.

Ethereum Price Analysis

Yesterday, we saw a bearish reaction from the $119-120 resistance zone in ETH price against the US Dollar. The ETH/USD pair declined below the $116 level and revisited the $114 support area. There was even a close below the $116 level and the 100 hourly simple moving average. However, there was a strong buying interest near the $114 support area. Moreover, the 61.8% Fib retracement level of the last upside from the $111 low to $120 high acted as a support. The price bounced back and it slowly moved above the $115 and $116 levels.

Besides, there was a break above the 23.6% Fib retracement level of the recent decline from the $120 swing high to $114 swing low. At the outset, the price is approaching key resistances near $117, $119 and $120. More importantly, yesterday’s highlighted declining channel is intact with resistance near $117 on the hourly chart of ETH/USD. The 100 hourly SMA is also positioned just near the trend line and $117. Finally, the 50% Fib retracement level of the recent decline from the $120 swing high to $114 swing low is near $117.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price is recovering, but it remains below the key hurdles such as $117, $119 and $120. A successful break above these is needed for a push towards $130. If not, the price could drop back to $114 or $110.

ETH Technical Indicators

Hourly MACDThe MACD for ETH/USD is slightly placed in the bullish zone.

Hourly RSIThe RSI for ETH/USD is placed just above the 50 level, with a flat structure.

Major Support Level – $114

Major Resistance Level – $119

Tags: ,    

NewsBTC is a news service that covers bitcoin news, technical analysis & forecasts for bitcoin and other altcoins. Here at NewsBTC, we are dedicated to enlightening people all around the world about bitcoin and other cryptocurrencies. We cover news related to bitcoin exchanges, bitcoin mining and price forecasts for various virtual currencies.

Casinos

Choose from the top online casinos
in UK and enjoy the fun!

Read More  ›

We use cookies to give you the best online experience. By agreeing you accept the use of cookies in accordance with our cookie policy.