Ethereum (ETH) Rally Extends Into a Familiar Path of Support in Advance of $150 Level

Ethereum (ETH) Rally Extends Into a Familiar Path of Support in Advance of $150 Level

ETHUSD Price Analysis – January 7

A thick zone of support levels should be noted in the former zone of price consolidation for the second cryptocurrency, which was established between November 23 – December 15 before the breakthrough occurred. Now it acts as a barrier at the level of $ 140-155.

Key Levels
Resistance Levels: $ 160, $ 155, $ 150
Support Levels: $ 140, $ 130, $ 125

ETHUSD Long term Trend: Bearish

ETHUSD is right now slanting on the level at $ 143.65 while it affirms not just the opposition ahead on the price level at $ 150, yet besides, 5 and 13 moving averages are overstretched.

Then, Ethereum has all-around contradicted the pattern in bitcoins in the last few sessions, albeit the present specialized circumstance makes things progressively confounded.

ETHUSD Short term Trend: Bullish

Although in a while ETH is experiencing a short-term uptrend, this may just be a correction, as medium-term and long-term trends are still bearish.

After the current price, the first key resistance level is at $ 150, the second at $ 155, and the third at $ 160. Below the current price, the first support level is $ 140, the second is $ 130, and the third is $ 125.

Instrument: ETHUSD
Order: Sell
Entry price: $ 145.25
Stop: $ 150
Target: $ 130

Note: Learn2Trade.com 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 results

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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.