Key highlights:

  • Ethereum might have dropped by 3.67% over the past week, but it is still up 94% over the past month
  • The coin surged as high as $1,337 last week but has since dropped into support at the .382 Fib around $1,044
  • Against Bitcoin, Ethereum surged higher at the start of January but could not overcome resistance at ₿0.0331. It has since dropped to ₿0.0309
Ethereum price $1,060
Key ETH resistance levels $1,100, $1,133, $1,200, $1,266 $1,300, 
Key ETH support levels $1,044, $1,000, $950, $900, $855

Ethereum might have struggled over the past week by dropping 3.7%, but let’s not forget that it is up by a whopping 94% over the past month. It had started to surge higher at the start of January as it broke beyond resistance at $800 and started to climb. Unfortunately, it was unable to close a daily candle beyond $1,300 and has since rolled over with the latest BTC price drop to trade at support provided by a .382 Fib at around $1,044.

When Bitcoin rolled over and plummeted earlier at the start of this week, Ethereum also witnessed one of its biggest 24-hour crashes on record. It dropped 27% from $1,271 to reach as low as $920 before rebounding. Luckily for ETH holders, the bulls pushed higher and allowed the daily candle to close above $1,000 by the end of the day.

Data from Santiment suggests that it is probably whales that are helping to keep the price of Ethereum above the $1,000 level:

When ETH dipped beneath $1,000, the number of whales holding 10,000 to 100,000 ETH started to climb slightly. At the same, the number of whales with 1,000 to 10,000 coins in their wallet is also remaining steady through the recent price drop, indicating these whales are not willing to sell – just yet.

In fact, Santiment even pointed out that the number of whales with at least 10,000 ETH has increased by 4.2% in the last fortnight:

Interestingly, during the recent bullish ride higher, the number of Google Searches for Ethereum reached an all-time high level as it surpasses the interest seen in the 2017/18 bullish move:

This shows that retail investors are also keen for themselves to get a piece of the action on the latest Ethereum bull run. With an elevated level of institutional interest in this cycle, combined with the newly revived retail interest, it seems that Ethereum is heading toward one location – the moon!

Let us continue to take a look at the markets and see where they might be heading.

Ethereum price analysis

What has been going on?

Looking at the daily chart above, we can see that ETH started the year by trading around the $720 level. From there, it surged past the $800 mark and continued to accelerate higher in the first week of January 2021. Eventually, Ethereum topped out just above resistance at the bearish .886 Fib Retracement level, around $1,300. 

It did spike as high as $1,340 but could not close a daily candle above $1,300. As a result, ETH started to roll over at the start of the week as it tumbled with the 25% Bitcoin crash on Monday. It dropped as low as $930, but the bulls quickly regrouped to allow the daily candle to close above the $1,070 level.

Since then, it looks like ETH has established a strong base of support at $1,045 – provided by a .382 Fibonacci Retracement level.

Ethereum price short-term prediction: Bullish

Ethereum is most certainly bullish right now. The coin would need to drop beneath $800 to turn neutral now and would have to continue beneath $500 to be in danger of turning bearish.

If the sellers push beneath the .382 Fib support, the first level of support lies at $1,000. This is followed by $950 (.5 Fib), $900, $855 (.618 Fib), and $800.

Where is the resistance towards the upside?

On the other side, the first level of resistance lies at $1,100. This is followed by $1,133 (bearish .786 Fib), $1,200, $1,266 (bearish .886 Fib), and $1,300. Added resistance lies at $1,336 (1.414 Fib extension), $1,400, and then at the the previous ATH level around $1,424.

ETH/BTC price analysis

What has been going on?

Against Bitcoin, we can see that ETH started the year strong after it rebounded from support at ₿0.023 and started to surge higher. Although it managed to break resistance at ₿0.032, it could not penetrate above the November 2020 high-day closing price around ₿0.0331. 

After reaching this resistance, ETH dropped lower, reaching as low as ₿0.029. It has since bounced higher from there and is trading at ₿0.0309 right now.

ETH/BTC short-term prediction: Neutral

Ethereum is still considered neutral at this moment in time. It would need to break resistance at ₿0.0331 to turn bullish. On the other side, a break beneath ₿0.027 would be required to bring about a bearish market sentiment.

If the sellers push lower, the first level of support lies at ₿0.0303 (.382 Fib). This is followed by ₿0.03, ₿0.0295 (200-day EMA), ₿0.0289 (.5 Fib), and ₿0.0278.

Where is the resistance towards the upside?

On the other side, the first level of resistance lies at ₿0.032. This is followed by resistance at ₿0.0331 (Nov 20 HDC), ₿0.0337 (Nov 20 high), and ₿0.035. Added resistance is found at ₿0.0357, ₿0.036, and ₿0.038.

Keep up to date with the latest ETH price predictions here.

Back link Ethereum Price Analysis – ETH Whales Keep Price Above $1,000 With Strong Support At .382, Where To Next? | CoinCodex

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