Ethereum (ETH) Price Analysis: Ether Pushes on the Upside, Targets January 2018 Price Level of $1424

Ethereum (ETH) Price Analysis: Ether Pushes on the Upside, Targets January 2018 Price Level of $1424

Ether has a target price of $1434.06
The crypto faces rejection at level $120

Ethereum ETH) Current Statistics
The current price: $1,182.01
Market Capitalization: $135,592,281,856
Trading Volume: $44,227,012,773
Major supply zones: $800, $820, $840
Major demand zones: $360, $340, $320

Ethereum (ETH) Price Analysis January 6, 2020
Ethereum bulls have pushed the crypto above the initial resistance at $1,100 and have rallied to $1200 high. Ether pulled back because of the resistance at the recent high. The next attempt is to break the $1,424 January 2018 historical price level. However, the upward move is facing resistance because the coin has reached the overbought region of the market. The daily stochastic and the RSI have indicated that Ether has reached the overbought region. The crypto may not have room to rally on the upside.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ethereum is above the 80% range of the daily stochastic. The RSI is at level 88 which indicates that the crypto has no enough room to rally on the upside. The biggest altcoin is likely to correct as the crypto reaches an overbought region.

ETH/USD – 4 Hour Chart

Conclusion
Ethereum has made positive moves as it targets its next price level of January 2018. On January 4 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. It indicates that the market will rise to level 1.618Fibonacci extensions or the high of $1434.06.


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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.