- Ethereum price expected to climb to $1,500.
- The closest support level lies at $1,300.
- ETH faces resistance in crossing above the $1,400 mark.
Ethereum price fell to the $1,200 support level but has made a sharp recovery to the $1,350 price level where it currently trades. The strong bullish movement suggests another attempt at breaking above the price level, but will ETH succeed?
The broader cryptocurrency market also observes a bullish change across the last 24 hours with most major cryptocurrencies recording an increase in their prices. These include the king and queen of the crypto industry, Bitcoin and Ethereum, that record a 5.24 and the 5.68 percent increase in their price.
Ethereum price overview: Ethereum price across January
Ethereum price enjoyed a strong start to January as the price action quickly found bullish support raising the price above the $800 level. The buyer pressure caused the price to rocket above the $1,000 level, and ETH rose to the $1,350 mark before stopping. The sharp upwards movement caused the price to observe a sharp retracement to the $1,000 psychological support before the price stabilized.
The price steadily recovered to the $1,300 level and climbed to the $1,400 mark but has failed in crossing above. Since then, the price continues to oscillate between the $1,200 and the $1,400 mark with any movement outside the region followed by a correction to the level.
Across the technical indicators, the MACD is currently bearish but shows a decreasing bearish momentum as the indicator suggests a bullish reversal. The two EMAs show rapid convergence suggesting strong bullish pressure on the price action. Overall, the MACD shows a bullish reversal suggesting a shift of momentum from the sellers to the buyers.
The RSI is neutral and inclined upwards suggesting a bullish price action. Furthermore, the indicator is trading below 60.00, showing room for further sharp upwards movement before the price action observes a correction.
The Bollinger bands are currently converging as the price returns to the indicator’s mean level. However, the indicator may show divergence if the price continues its current trend upwards rising above the $1,350 level.
Overall, the four-hour technical analysis issues a strong buy signal with 16 of the 26 major technical indicators supporting an upwards movement. On the other hand, only one indicator suggests a bearish price action while the remaining indicators are neutral, not showing support for either side.
The 24-hour technical analysis shares this sentiment with 16 indicators supporting a bullish price action against four that issue sell signals. The remaining six technical indicators show no support towards either side. As such, the analysis issues a buy signal of reasonable strength.
What to expect from Ethereum price?
Traders should expect Ethereum price to retest the $1,400 level as the bullish momentum amplifies. The positive technical analyses and the rising trade volume reinforces this prediction and suggests a breakout above the $1,400 level. Traders may observe a rise to the $1,450 mark.
Conversely, if Ethereum falls below the $1,300 level, ETH may revisit the $1,200 mark, continuing its consolidation at the price level.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.