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Key Highlights
Ethereum reaches the high of $1,434 but pulled back
Ether holds above $1,240 support.
Ethereum ETH) Current Statistics
The current price: $1,331.34
Market Capitalization: $152,216,727,645
Trading Volume: $45,453,349,265
Major supply zones: $1,500, $1,600, $1,300
Major demand zones: $600, $500, $400
Ethereum (ETH) Price Analysis January 20, 2020
Ethereum bulls have taken a giant stride as price broke the previous resistance to reach a new high of $1,434. Unfortunately, the upward move was interrupted as Ether declines to $1,240 support. The biggest altcoin has resumed upward move. Ether is rising to retest the high of $1,434. On the upside, if price breaks the resistance at $1,434, the crypto will rally above the next target price of $1,675. However, if the bears break below $1,240, the coin will slump to either $1,010 or $900.
ETH Technical Indicators Reading
Ethereum is above 70% range of the daily stochastic. It indicates that the coin is in a bullish momentum. The 21-day SMA and 50-day SMA are pointing upward indicating the uptrend. The 21-day SMA provides the support level for price movement.
Conclusion
Ethereum is making positive moves as it approaches the Fibonacci target price level. 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 $1,845.44
Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing
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