Ethereum (ETH) Price Analysis: Consolidates Above $1,300 Support as Buyers and Sellers Decide Next Move

Ethereum (ETH) Price Analysis: Consolidates Above $1,300 Support as Buyers and Sellers Decide Next Move

Key Highlights
Ethereum consolidates above $1,300
Ether has strong buying pressure above $1,200

Ethereum ETH) Current Statistics
The current price: $1,316.62
Market Capitalization: $151,910,683,082
Trading Volume: $27,636,629,137
Major supply zones: $1,500, $1,600, $1,700
Major demand zones: $600, $500, $400

Ethereum (ETH) Price Analysis February 1, 2020
For the past week, Ethereum is trading between $1,200 and $1,440. The price action is characterized by small body indecisive candlesticks like Doji and Spinning tops. The appearance of these candlesticks will mean that the biggest altcoin will consolidate above the current support. It indicates that buyers and sellers are undecided about the direction of the market. On the upside, if the price breaks the $1,440 resistance, Ether will attain a new target price of $1,675. On the other hand, the market will continue to fluctuate between $1,200 and $1,440 if the range-bound levels remain unbroken.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ethereum has fallen to level 46 of the Relative Strength Index period 14. The crypto is in the downtrend zone and it is capable of falling. The coin is above 66% of the daily stochastic. The daily stochastic is sloping horizontally as price consolidates.

ETH/USD -4 Hour Chart

Conclusion
The Fibonacci tool analysis has remained the same as price consolidates. On January 10 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. It indicates that the market will rise to level 1.618 Fibonacci extensions or the high of $1,1739.45



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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.