Ethereum Is In Good Shape As It Has Increased Its Price To Over $1,300

Jan 09, 2023 at 10:24 // Price
Coin Idol
Ethereum is in good shape

Ethereum price (ETH) has been steadily rising and approaching the resistance level of $1,300.

Long-term analysis of the Ethereum price: bullish

The largest altcoin reached a high of $1,313 as bullish exhaustion set in. On the positive side, the Ether price retested the $1,300 resistance for the fourth time. In the previous iterations, the altcoin fell below the moving average lines and again moved between $1,100 and $1,300. Today, the Ether price is fluctuating above the $1,300 support while the bullish momentum is weakening. Ether is currently trading and has reached the overbought zone. It is unlikely that the current uptrend will continue. On the downside, Ether will fall above the breakout level of $1,273 if the recent high is rejected. At the time of writing, the cryptocurrency was trading at $1,310.90.

Ethereum indicator analysis 

The Relative Strength Index (RSI) is at 65 for period 14, and the RSI has continued to rise as Ether approaches bullish exhaustion. As long as the price bars are above the moving average lines, Ether will continue to rise. The moving average lines are sloping horizontally, indicating a sideways trend. Ether is currently trading in the overbought zone, above the Stochastic daily threshold of 80, indicating that the altcoin could fall to its previous low.

ETHUSD(Daily Chart) - January 9.23.jpg

Technical indicators: 

Key resistance levels - $2,000 and $2,500

Key support levels - $1,500 and $1,000

What is the next direction for Ethereum?

On the 4-hour chart, Ether is trading above the moving average lines, suggesting that the uptrend has resumed. As Ether hovers above the $1,300 support, the uptrend has slowed down. If Ether falls below the $1,300 support, the current trend will resume. The uptrend is currently challenged by the resistance zone at $1,320.

ETHUSD(4 Hour Chart) - January 9.23.jpg

Disclaimer. This analysis and forecast are the personal opinions of the author and 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 in funds.

Show comments(0 comments)