Ether is making an upward move after the bears pushed the coin to $1,236 low yesterday. The bulls have to defend the $1,200 support as it is crucial to sustaining the recent rallies.
Buyers are pushing the price upward to retest the $1,400 and $1,440 resistance zone. Unfortunately, buyers have failed to resume upside momentum after the coin attained its peak price of $1,434 on January 19. The crypto has been in a downward correction for the past week.
However, on January 25, the bulls retested the resistance zone twice and were repelled. The coin fell to $1,230 support and resumed upward. The support is crucial because any further decline will bring a change in the trend. On the upside, if the bulls break the $1,400 and $1,440 resistance zone, there is a likelihood of attaining a new high of $1,737.95.
All the recent retracements and breakdowns are finding support above the 21-day SMA. This indicates that the bulls are sustaining the current rallies. The bottom line is that the coin will continue to rise as long as the crypto’s price is above the SMAs. The RSI is at level 57. It indicates that the coin is in the bullish trend zone and has enough room to rally on the upside.
Key Resistance Zones: $1600, $1,700, $1,800
Key Support Zones: $800, $700, $600
Ethereum bulls are making frantic efforts to break the current resistance level. The next target price will be achieved if the buyers push above the current resistance. The Fibonacci tool analysis will hold if the resistance is reached. On January 9 uptrend; a retraced candle body tested the 61.8 % Fibonacci retracement level. This retracement indicates that ETH will rise to level 1.618 Fibonacci extension or a high of $1,737.95.
Disclaimer. This analysis and forecast are the personal opinions of the author that are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their research before investing funds.