- ETH has rejected the $1,450 resistance.
- Closest support around $1,250.
- Ethereum currently trades around $1,375.
Ethereum price prediction today is neutral as ETH/USD continues consolidating in an ascending triangle pattern after rejecting the 1,450 resistance.
Ethereum Price Prediction: ETH to continue consolidation below $1,450
As per our previous Ethereum price prediction – ETH set to move above the $1,400 resistance, ETH/USD did indeed attempt to break above the critical $1,450 resistance. However, as the price approached the resistance, intense selling pressure reversed the market towards the $1,325 area.
Therefore, the analyst expects ETH/USD to continue to move sideways until another base for movement upwards is formed.
Ethereum price movement in the last 24 hours
Over the last 24 hours, Ethereum has traded within a range of $1,321 – $1,406, indicating a moderate amount of volatility. Trading volume for Ethereum has dropped by 26 percent compared to yesterday. Therefore, Ethereum has calmed down over the last 24 hours.
Ethereum price movement in the last 24 hours – Source: coinmarketcap.com
Looking at the ETH/USD 4-hour chart, a clear ascending triangle pattern formation is seen. Key horizontal resistance is located at $1,450. From the bottom, ETH/USD is supported by a several week ascending trend line, which was confirmed by a third touch and a clear rejection on the 27th and 28th of January.
ETH/USD 4-hour chart – Ethereum has continued to consolidate
Ethereum price chart by TradingView
Therefore, the analyst expects Ethereum to continue consolidating in an increasingly tighter range until a clear breakout is achieved, similar to Bitcoin over the last few days.
As a reminder, Bitcoin had a several week descending triangle pattern formed. However, yesterday it broke with a powerful bullish impulse to the upside. Therefore, a similar pattern could emerge for Ethereum. The question is – would this be to the upside or downside?
If Ethereum breaks to the upside, we will see a new all-time high set. Therefore, there is no clear resistance target to the upside. The first semi-round number that could be used as a psychologically important level would probably be the $1,600 area. From the break of the $1,450 resistance, it would mean a move of around 10 percent.
The $1,500 area is also psychologically important. However, the price mark is too close to the $1,450 resistance area and shouldn’t offer much additional resistance.
Alternatively, if Ethereum moves to the downside – to the $1,250 area of support, we could see further downside. A lot depends on whether Ethereum can continue trading above the several week ascending trend line. If ETH/USD moves below the trendline, the analyst expects a much larger trend reversal over the upcoming weeks.
Further confirmation for a trend reversal to the downside would be a clear move below the $1,200 – $1,250 support. This area previously reversed Ethereum and established a clear higher high – indicating a bullish market structure. Until this area is invalidated, Ethereum should continue to move higher and attempt to set a new all-time high once again.
Ethereum Price Prediction: conclusion
Overall, Ethereum price prediction is neutral. ETH/USD has failed to break above the $1,450 resistance once again. Despite being supported by the several week ascending trendline, the market simply cannot move higher than the $1,450 resistance.
Therefore, the $1,450 is a key level to watch right now. Once Ethereum breaks above it, the analyst predicts a strong impulse towards the next psychologically important target of $1,600.
If Ethereum can retest the several week ascending trend line with a clear rejection for further downside, a long position could be made. The long position would mean an expectation that Ethereum will break above the current resistance.
As at the time of writing, the best option would be to wait for further price action development.
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.