TL;DR Breakdown
- ETH/USDT currently trades around $1,245.
- Ethereum is looking to test the $1,280 resistance.
- Clear support around $1,150.
Ethereum currently trades around $1,245 and has a market cap of $142.6 billion. ETH has moved by 9.7 percent during the past 24 hours with a volume of $33.9 billion.
Cryptocurrency heat map by Coin360
Ethereum Price Prediction: ETH to test next resistance
ETH/USD opened at $1,233 earlier today and has not moved much higher so far. At the time of writing, ETH/USD trades around $1,245 and has a strong resistance around $1,280, which previously reversed the price on the 7th and 8th of January.
After further upside during the past days, Ethereum has recovered much of the loss seen at the beginning of the week. The sharp reversal resulted in a 30 percent drop from $1,350 high to $950, where the price of Ethereum found clear support.
The new low of $950 established an ascending trend line, which will likely be tested next week. First, further upside is needed as the price is yet to slow down from the bullish move seen yesterday.
Ethereum price movement in the last 24 hours
The price of Ethereum has increased by 9.7 percent over the past 24 hours as the market continues to recover. A break above the $1,150 minor support/resistance level was seen yesterday. Therefore, a test of the support and the newly established ascending trend-line can be expected.
The previous yearly high of $1,350 and a minor resistance of around $1,280 is the main target. If the price of ETH/USD shows a clear rejection around this area, another strong bearish move will likely follow.
Ethereum price chart by TradingView
ETH/USD 4-hour chart – price ready to test the yearly high?
If the price of Ethereum manages to break below the $1,150 support and the ascending trend line, further support can be seen around $950. However, if the price moves towards the $950 level, a much larger, long-term reversal for the trend will likely be seen.
For now, we expect a test of the yearly high of around $1,350. However, if the price does show clear signs of rejection around $1,280, a short position could be considered.
Ethereum Price Prediction: conclusion
ETH/USD has been very volatile this week and still needs some time to cool off. For now, key levels to watch are around the $1,150 support and $1,280 minor resistance, and the $1,350 current yearly high.
Right now, the price of Ethereum trades between strong support and strong resistance. Therefore, further price action is needed to determine a potential trade opportunity.
If the $1,150 support and the ascending trend line support breaks, a further downside will likely follow in the upcoming weeks. However, if the price respects this support, we can expect further upside to continue next week.
ETH is still among the best performing cryptocurrencies and trades on every major crypto exchange, such as Coinbase.
Additionally, read our long-term price prediction for Ethereum.
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.
