Ethereum Faces Another Hurdle On Its Way To Historic High Of $1,678

Jan 13, 2023 at 13:28 // Price
Coin Idol
Ethereum is climbing back to the previous high

The Ethereum price (ETH) rose to a high of $1,439 on January 12. As the Ether price continued to hold above the $1,400 support in the last 24 hours, a slight pullback occurred. At the top of the $1,440 resistance zone, the bullish momentum is encountering rejection.

Long-term analysis of the Ethereum price: bullish

The altcoin has posted a series of higher highs and higher lows since January 4. On the plus side, the market will continue to rise to a high of $1,475 if the Ether price breaks above the current resistance level. The historical highs of $1,600 and $1,678 for Ether are achievable. If there are no obvious price stops, the bullish scenario may become plausible. On the other hand, Ether may fall as the cryptocurrency is trading in the overbought zone of the market. The largest altcoin will decline above the breakout level of $1,352. If the bears break below the $1,300 support, Ethereum will continue to fall until it reaches its old range bound zone.

Analysis of Ethereum indicators  

Ether has crossed the period 14 overbought position at the 75 level of the Relative Strength Index. When sellers enter the overbought area of the market, the cryptocurrency can fall. If the price stays above the moving average lines, Ether will rise. The daily stochastic is still above the level of 80, which indicates that Ether is trading in the overbought area of the market.

ETHUSD(Daily Chart) - January 13.23.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?

After a previous retracement, Ethereum is climbing back to the previous high. If the price breaks the resistance level of $1,440, the rise will start again. On the 4-chart, the current uptrend will come to an end when the price falls below the moving average lines. The altcoin will then fall back to its previous range bound zone.

ETHUSD(4 Hour Chart) - January 13.23.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.

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