Ethereum (ETH) Price Analysis: Ether Rebounds Above $1,048 Support, Attempts to Breach Recent High

Ethereum (ETH) Price Analysis: Ether Rebounds Above $1,048 Support, Attempts to Breach Recent High

Key Highlights
Ethereum has risen to $1,365 high to retest the recent high
Ether attempts the next target price at level $1,675

Ethereum ETH) Current Statistics
The current price:  $1,373.71
Market Capitalization: $157,085,182,317
Trading Volume: $34,871,573,652
Major supply zones: $1,500, $1,600, $1,300
Major demand zones: $600, $500, $400

Ethereum (ETH) Price Analysis January 24, 2020
Ether has risen and at the point of breaking the peak price of $1,434. The biggest altcoin has resumed upside momentum. Since January 19, the crypto has been in a downward correction as bulls attempt to break the resistance at $1,434. The crypto is trading at $1,365 at the time of writing. On the upside, if the price breaks the resistance at $1,434, the coin will rise and reach the next target price of $1,675. Nonetheless, if the bulls fail to achieve the next target price level, the crypto may suffer bearish reaction. The coin can decline to support above $1,050.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
The altcoin is at level 63 of the Relative Strength Index period 14. The coin has room to rally on the uptrend zone. The cry crypto price is well above the SMAs which indicates the rise of the coin.

ETH/USD – 4 Hour Chart

Conclusion
Ethereum has resumed upside momentum to break the recent high. The Fibonacci tool analysis will hold if the bulls break the current resistance levels. 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 $1,861.33.



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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.