Ethereum Is in an Uptrend, Shows No Strength below $3,400

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Ethereum fluctuates below $3,020 and $3,400
ETH/USD targets level $3,848

Ethereum ETH) Current Statistics
The current price: $3,255.15
Market Capitalization: $387,988,544,870
Trading Volume: $10,598,043,447
Major supply zones: $4,000, $4,500, $5,000
Major demand zones: $3,500, $3,000, $2,500

Ethereum (ETH) Price Analysis January 16, 2021
Ethereum’s (ETH) price is in a downward correction as it shows no strength below $3,400.The altcoin fluctuates between $3,020 and $3,400. Since January 12, Ether’s price corrected upward but was resisted at the $3,400 high. The altcoin slumped to $3,100 low and commenced a sideways move below the recent high. ETH/USD would have rallied to $3,800 if the resistance level was breached. Besides, a breakout above the $3,800 high would have catapulted Ether out of downward correction. However, the largest altcoin risks a decline to $3,000 support if the bulls fail to break the recent high.

Ethereum Is in an Uptrend, Shows No Strength below $3,400 Resistance
ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ether is at level 46 of the Relative Strength Index for period 14. It indicates that Ether is still in the downtrend zone as it fluctuates between $3,020 and $3,400. The crypto’s price is below the moving averages indicating a downward movement of prices. The 21-day line moving average is acting as a resistance. Ether is below the 20% range of the daily stochastic. It indicates that Ether is in the oversold region. Buyers are expected to emerge in the oversold region to push prices upward.

Conclusion
On the 4-hour chart, ETH/USD is in an uptrend but the upward move has been terminated as it shows no strength below $3,400. Buyers are finding it difficult to break above the $3,400 resistance. The uptrend will resume once the resistance is breached. Meanwhile, on December 12 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that Ether will rise to level 2.0 Fibonacci extensions or $3,848.36.

 Ethereum Is in an Uptrend, Shows No Strength below $3,400 Resistance
ETH/USD – 4 Hour Chart

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.