On February 5, Ethereum attained a new high of $1,760. Soon after the attainment of the new price level, Ether was compelled to a sideways move below the recent high.
Presently, it is fluctuating between $1,640 and $1,760. The current upside momentum was interrupted because price reached the overbought region of the market. Sellers emerged to push the price to $1,640 low. The price tussle between buyers and sellers has resulted in the current fluctuation of price. Buyers are currently defending the $1,640 support as bulls recoup to resume upward. On the upside, if price breaks the $1,760 resistance, the market will rise to reach the targeted price level of $2,000. Otherwise, the current fluctuation will persist between the current ranges.
Ether’s price bars are well above the SMAs. This suggests a possible upward move of the altcoin. Since February 2, the market has continued to remain in the overbought region. That is, above the 80% range of the daily stochastic suggesting a possible fall of the cryptocurrency. The price action has continued to show indecision among buyers and sellers about the direction of the market.
Major Resistance Levels – $1,800 and $2,000
Major Support Levels – $1.400 and $1,200
The biggest altcoin has one hurdle to jump to reach a target price of $2,000. The Fibonacci tool has indicated a possible rise to $1,804. Meanwhile, on February 4 uptrend; a retraced candle body tested the 78.6 % Fibonacci retracement level. This retracement indicates that ETH will rise to level 1.272 Fibonacci extension or a high of $1,804. However, the price will reverse and return to 78.6% Fibonacci retracement where it originated.
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.