Ethereum (ETH) Price Analysis: Ether Breaks Jan 2018 Historical Price Level of $1,424 High

Ethereum (ETH) Price Analysis: Ether Breaks Jan 2018 Historical Price Level of $1,424 High

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/USD – Daily Chart

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.

ETH/USD – Daily Chart

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


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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.