Ethereum's Uptrend Stops At $1,679 And Drops

Jan 27, 2023 at 12:34 // Price
Coin Idol
Ether is poised for further growth

The Ethereum price (ETH) is currently trading below the $1,600 resistance level after being rejected at the $1,679 high.

Long-term analysis of the Ethereum price: bullish

Since January 21, the Ether price has fallen below the $1,600 resistance level, halting the uptrend. The largest altcoin is poised for further growth as it is in the uptrend zone. If buyers overcome the resistance levels of $1,600 and $1,678, Ether will rise to the next resistance at $1,800. The cryptocurrency value will eventually return to the fluctuation range and override the bullish scenario. Since January 14, the price of ETH /USD has been limited to the range of $1,500 to $1,700. However, if the bears break the support at $1,500, the downtrend will resume. Ether will fall to the breakout level of $1,352.

Analysis of Ethereum indicators

For the period 14, Ether is at level 62 of the Relative Strength Index. It will rise to the previous highs as it is in the upward zone. After a short retracement, the price bars are above the moving average lines. This indicates that the cryptocurrency will continue its uptrend. Below the daily stochastic level of 50, the trend is bearish.

ETHUSD(Daily Chart) - January 27.23.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?

Ether fell into the range of fluctuation after being rejected at the resistance level of $1,678. The altcoin broke out above the $1,500 support on January 23, and the bulls bought the dips. The upward movement is limited below the resistance level of $1,600. If the trading range limits are broken, the largest altcoin will develop a trend.

ETHUSD(4 Hour Chart) - January 27.23.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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