Ethereum Price Analysis: ETH/USD bulls re-emerge forcing Ether past the psychological $170

By January 18, 2020 Ethereum
Click here to view original web page at
  • Ethereum struggles to maintain a bullish front on Saturday despite the correction from $174 (recent high).
  • The 50 SMA in the 1-hour timeframe is positioned to offer initial support aided by the ascending trendline.

Ethereum is struggling to reverse the effects of the bearish pressure felt on Saturday during both the Asian and the European sessions. The bulls are throwing jabs, while their attention is fixated on breaking above the critical short term hurdle at $175.

As per the data on CoinMarketCap, Ethereum is trading 0.37% lower in the last 24 hours. The second-largest cryptocurrency in the crypto industry has a market cap of $18.5 billion. In the same 24-hour period, Ethereum has posted $14 billion in trading volume.

From a technical perspective, Ethereum is on the verge of a breakdown. This fallows the rejection from the recent high at $174. Moreover, the formation of a rising triangle pattern signals that the breakdown around the corner could be devastating to the progress made this week.

I expect the trendline support to come in handy. However, the 50 SMA on the 1-hour chart is in line to stop the bearish action. The longer-term 100 SMA in the same range will also function as key support at $164.63. For some time, this January, Ethereum consolidated between $140 and $142. This region is currently the major support with the potential of preventing a breakdown to December lows around $116.

ETH/USD 1-hour chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

The 50 SMA in the 1-hour timeframe is positioned to offer initial […]

Leave a Reply