Prediction and Analysis of Ethereum Price (Jan 2nd, 2018) – Ethereum is Trapped. Can the Bulls Scale through This Range?
The intra-day price rise of Ethereum has been positive. It may encounter some obstacles on its way up to set the tone for bullishness in 2023. Ethereum’s daily gain of 1.9% puts it above $1.2k at press-time. If the second-largest cryptocurrency by market cap continues to gain momentum, the upward movement could last for the next few weeks. To push the price out of its two-week sideways trend, there is a need to increase the buy volume. The price has been trading between $1,080 levels and $1,350 levels for the past four weeks with a formed lower low/low pattern in a channel. A surge above this range would cause intense buy pressure. It has been strong in the shorter time frame. The build-up isn’t strong enough to trigger a bullish rally within the longer time frame. Technically, retail traders seem reluctantly cautious and skeptical due to FUD in market. Source: TradingviewThe ascending channel provided support for Ethereum. It has formed a bullish trend that could support the price to at most $1,239. The resistance level to watch is $1,300 and possibly $1,350 if the price rises higher. There has been no indication of weakness in the market these past hours. A drop below the channel could lead to a sell-off at $1,160 or $1,080 levels if the bears return. Key Resistance Levels are $1,239 and $1,300. Key Support Levels are $1,160 and $1,080. Spot Price: $11,200
Disclosure: This article is not intended to be used as investment advice or trading information. Disclosure: This is not trading or investment advice.