Ethereum Surges Ahead, Reaches the $1,424.30 January 2018 Historical Price Level

Jan 04, 2021 at 14:09 // News
Coin Idol
Ether is currently correcting upward

Ethereum slumped to $860 low and pulled back after rejection from the $1,100 resistance zone. The biggest altcoin is trading at $976.60 after the breakdown.

However, there is a likelihood of further downward move. Since December 30, the upward was stalled at the $760 resistance level. The bulls broke the resistance after three days of correction. 

This breakout catapulted the coin to rally to $1,159.40 and pulled back. Today, Ether has broken its previous price level of $838 in April 2018. The next attempt is to break the $1,424 January 2018 historical price level. Ether is currently correcting upward, if it faces rejection, the downtrend will resume again.

Ethereum indicator analysis

The crypto is above the 80% range of the daily stochastic. It indicates that the coin is in the bullish trend zone. Today, there is the appearance of a Doji candlestick with a long tail and a short tail. It means that there is equality and indecision between buyers and sellers as no one is in control. The candlestick indicates a possible reversal of the coin.

ETH - Coinidol.png

Key Resistance Zones: $800, $820, $840

Key Support Zones: $440, $420, $400

What is the next direction for Ethereum? 

The biggest altcoin will continue its downward move if the coin faces rejection at the recent high. On January 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. That is the crypto will reach a high of $1,427.83

ETH - Coinidol 2 chart.png

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.

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