In today’s Ethereum price analysis, ETH is trading in a bullish trend zone. The market traded as high as $187 and it is currently correcting gains.
Ethereum Price Medium-term Trend
Yesterday January 30, the price of Ethereum (ETH) was trading in a bullish trend zone. The bulls were able to push the price above the $170 and $175 resistance level. Moreover, Ethereum price spiked above the key $180 resistance level and a new yearly high was formed near $187. However, the bulls failed to continue the uptrend and the price started correcting lower.
At the time of writing this Ethereum price analysis, the coin is changing hands at the $177 level.
On the upside, if more buyers emerge, the coin will rise and retest the $180 and $190 resistance levels. A clear break above the $190 level could set the momentum for a test of the main $200 resistance area. Conversely, should the price move below $177 support level, there is a possibility that the price could hit the critical support levels at $175 and $170.
Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are below the zero line which indicates a sell signal.
ETHUSD Price Short-term Trend
On the 1-hour chart, the price of ETHUSD is in a bullish trend. If the bulls fail to defend the $177 support level, there is a risk of a larger downside correction below $175. The main support for the current trend is now near the $170 level in the short term.
Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal.
- Resistance levels: $180, $190, $200
- Support levels: $175, $170, $165
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.