Ethereum (ETH) Price Analysis: Ether Rebounds and Breaks the $838 Price Level of April 2018

Ethereum (ETH) Price Analysis: Ether Rebounds and Breaks the $838 Price Level of April 2018

Key Highlights
Ether attains a new high as it breaks above the $838 high
The biggest altcoin rebounded above the $720 price level

Ethereum ETH) Current Statistics
The current price:
Market Capitalization:
Trading Volume:
Major supply zones: $800, $820, $840
Major demand zones: $360, $340, $320

Ethereum (ETH) Price Analysis January 3, 2021
On January 2, Ether rebounded above $720 as the market rose to a high of $986. Since December 27, the upward move was temporarily stalled between $720 and $760. For the past week, the bulls have been struggling to break out of the recent price range. On January 2, the bulls broke the $760 resistance to resume a fresh uptrend. This current uptrend has broken the $838 April 2018 price level. The bulls are approaching the January 2018 price level. Ether may face resistance as the altcoin approaches the $1,000 high.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ethereum has continued to remain above the 80% range of the daily stochastic. It indicates that the coin is in the overbought region of the market. The market is likely to rise on the upside in the overbought region of the market.

ETH/USD – Daily Chart

Conclusion
Ethererum is in a price rally. The price has surpassed the Fibonacci tool analysis. On December 17 uptrend; a retraced candle body tested the 38.2% Fibonacci retracement level. It indicates that the market will rise to level 2.618 Fibonacci extensions or the high of $901.39.


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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.