Ethereum Price Analysis: ETH/USD moves within short-term upside channel

By January 22, 2020Ethereum
Click here to view original web page at
  • ETH/USD has been recovering from this week's low.
  • The pivotal resistance is created by SMA200 on a daily chart.

Ethereum, the second-largest digital asset with the current market value of $18.5 billion, bottomed out at $161.11 on January 20 and has been gaining ground ever since. The coin has gained over 1% on a day-to-day basis and stayed mostly unchanged since the beginning of Wednesday. ETH/USD attempted a rise above $171.00, but the move proved to be unsustainable and the coin slipped back below $170.00 level.

ETH/USD: technical picture

On the intraday chart, Ethereum has been moving inside an upward channel with the lower boundary created by SMA200 1-hour. Currently, this MA comes att $165.75 and serves as strong short-term support for the price. Once it is taken out, the sell-off may be extended towards the next barrier, created by this week's low at $161.11 and followed by a psychological $160.00. If it is broken. SMA100 daily at $157.75 will come into focus. This development will worsen the technical picture and bring more bears to the market.

On the upside, the first target is $170.00. We will need to see a sustainable move above this level for the upside to gain traction and take the price to the intraday high of $171.00. The next resistance awaits ETH bulls on approach to $172.50 (the upper line of 4-hour Bollinger Band); however, the vital resistance comes at $180.00. This area is reinforced by SMA200 daily and the upper line of daily Bollinger Band.

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 pivotal resistance is created by SMA200 on a daily chart.

Ethereum, the second-largest digital asset with the current […]

Leave a Reply