Ethereum (ETH) Price Analysis: Ether Is Confined in a Range as It Faces Rejection at $1,400 Resistance

Ethereum (ETH) Price Analysis: Ether Is Confined in a Range as It Faces Rejection at $1,400 Resistance

Key Highlights

The biggest altcoin is facing rejection at $1400 high
Ethereum fluctuates between $1,000 and $1,400

Ethereum ETH) Current Statistics
The current price: $1,253.22
Market Capitalization: $143,539,379,138
Trading Volume: $39,489,613,323
Major supply zones: $1,500, $1,600, $1,700
Major demand zones: $600, $500, $400

Ethereum (ETH) Price Analysis January 28, 2020
Ethereum upward move is threatened as it faces rejection at the $1,400 resistance. Each time the resistance is tested the market will fall to $1,240 low. At this low, Ether will resume upward to retest the overhead resistance. At the time of writing, the coin has fallen to the low of $1,254.

By implication, the upward move will resume retesting the $1,400 resistance. On the upside, Ethereum’s upward move will depend on breaking the resistance levels of $1,400 and $1,440. Ether has a target price of $1,845.44 if the current resistance levels are breached. . On the downside, Ether will encounter a deeper correction if the crucial supper is breached.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ethereum is at level 55 of the Relative Strength Index period 14. The crypto is in the uptrend zone and it is capable of rallying on the upside. Each time price retraces it will find support above the SMAs. This indicates that the current uptrend is intact.

ETH/USD – 4 Hour Chart

Conclusion
Ethereum’s upward move is doubtful as it faces rejection at the recent high. The Fibonacci tool will hold once the resistance at $1,400 is breached. 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 $1,838.39.


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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.