Ethereum Price Analysis: ETH Holds Critical Support Amidst Bullish Expectations

By January 23, 2020 Ethereum
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Ethereum price
Key Highlights
  • Ethereum is trading between $160 and $170 for the past five days
  • The pair risks the chance of an imminent breakout or breakdown

Ethereum (ETH) Current Statistics

  • Market Capitalization: $17,876,307,721
  • Trading Volume: $9,447,907,529
  • Major Resistance Zones: $175, $200, $225
  • Major Support Zones: $125, $100, $75

Ethereum (ETH) Price Analysis Jan 23, 2020

Undeniably, it is a fact that Ethereum (ETH) has made some bullish gains. Recently, the world’s second-largest cryptocurrency by market cap dropped to a low of $120 in December 2019 during the bear market.

The bulls defended the support in December and gradually moved up to the current price level. On January 19, the bulls reached a high of $176 but could not sustain hold above the current price level. Consequently, ETH fell to a low of $165 and resumed a range-bound movement.

Presently, Ether is fluctuating in a tight range between $160 and $170. On the upside, if the bulls adopt the same momentum from inception, the resistance at $176 will be broken and the price will reach the high of $197. On the downside, if the bears break the low of $160, the cryptocurrency may fall to the low of $140. This will erase the bullish gains and portend negatively for the coin.

ETH/USD - Daily Chart

Ethereum (ETH) Technical Indicators Reading

The Relative Strength Index (RSI) period 14 level 61 indicates that the coin is in the bullish trend zone. Initially, the RSI indicator was above level 70 signifying that the coin was in the overbought region. The RSI indicates that sellers may come to the overbought region to resume selling. This has resulted in the coin to fall to a low of $165. The price is above 12-day EMA and the 26-day EMA indicating that price is in the bullish trend zone.

Conclusion

ETH is still trading in the bullish trend zone. Nonetheless, the cryptocurrency is ranging in the bullish trend zone above the EMAs. Looking at the current candlesticks on the chart, you will find a large bearish candlestick and other small body candlesticks. These small body candlesticks like Doji and Spinning tops describe the indecision of buyers and sellers at the current price level.

Featured Image via Shutterstock

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The pair risks the chance of an imminent breakout or breakdown

Ethereum (ETH) Current Statistics […]

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