Ethereum (ETH) Price Analysis: Ether Recovers from Recent Breakdown but Fails to Break Resistance at $1,140

Ethereum (ETH) Price Analysis: Ether Recovers from Recent Breakdown but Fails to Break Resistance at $1,140

Key Highlights
Ethereum attains a peak price of $1,346 before the breakdown.
The bulls buy the dips but fail to sustain the uptrend

Ethereum ETH) Current Statistics
The current price: $1,111.96
Market Capitalization: $126,969,867,867
Trading Volume: $29,462,506,307
Major supply zones: $1,100, $!,200, $1,300
Major demand zones: $600, $500, $400

Ethereum (ETH) Price Analysis January 13, 2020
On January 11, Ethereum bulls bought the dips as the coin rose to $1,140 and pulled back. The crypto upward move was repelled yesterday. Today, buyers are attempting to break the current resistance. A break above the $1140 resistance will propel Ether to revisit the previous high at level $1346. However, the altcoin will be compelled to a range-bound movement if the bulls fail to break the recent high. The coin upside momentum is likely to be affected.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
The crypto’s price has fallen to the support above 21-day SMA. If the 21-day support holds, it is an indication that the coin will rise. However, if the price breaks below the SMAs, it implies that Ether will fall. Ether has fallen to level 64 of the Relative Strength Index. The coin is in the uptrend zone and likely to rise.

ETH/USD – 4 Hour Chart

Conclusion
Ethereum is likely to make a fresh uptrend after the recent breakdown. The Fibonacci tool has indicated a further upward movement of the coin. On January 9 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 $1741..



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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.