Ethereum bulls have surpassed the peak price of January 19 as it reached a high of $1,480. Today, the uptrend is facing resistance at the recent high as price makes a pullback.
Nevertheless, if buyers continue to sustain the current bullish momentum, the price will break the $1,480 resistance zone and rally to the next target price of $1.675. Presently, Ether has pulled back above $1,400 support. The danger is that if the bulls fail to hold the current support above $1,400, there will be a bearish reaction. The crypto is likely to fall on the downside above the crucial support at $1,050. In the previous price action of January 19, Ether reached the previous peak price of $1,434 but plunged to $1,060 low.
In the current upward move, the crypto price has broken above the 21-day SMA. There is an indication of a possible move of the coin. Ether has continued to bounce above the trend line. As long as the trend line remains unbroken the uptrend will be on the upside. The altcoin is at level 66 of the Relative Strength Index period 14. The coin is likely to be overbought above level 70.
Key Resistance Zones: $1600, $1,700, $1,800
Key Support Zones: $800, $700, $600
The biggest altcoin is on the verge of attaining the next price level if the bullish momentum is sustained above the $1,400 price level. Meanwhile, on January 9 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 a high of $1,860.55.
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.