Ethereum Price Analysis: ETH Attempts Uptrend, Battles Downward Correction

Key Highlights

  • Ethereum is on a downward correction but battles the resistance at $173
  • Ether is likely to continue its range bound move

Ethereum (ETH) Current Statistics

  • The current price: $175
  • Market Capitalization: $19,231,568,622
  • Trading Volume: $10,103,707,690
  • Major Resistance Zones: $175, $200, $225
  • Major Support Zones: $125, $100, $75

Ethereum (ETH) Price Analysis Jan 30, 2020

Yesterday, the bulls failed to penetrate the resistance at $173, causing the coin to fall. On January 19, Ethereum (ETH) suffered a breakdown after an unsuccessful attempt at the same resistance. The bottom line is that Ethereum has been battling with a downward correction since August 2019. It is also worthy to note that the coin has failed to trade above $173.

Expectantly, if the bulls have scaled above $173, Ether will rise and reach a high of $197 or $200. Unfortunately, the coin is not there yet. The pair is likely to fluctuate between $157 and $173 until the resistance at $173 is breached.

ETH/USD - Daily Chart

Ethereum Technical Indicators Reading

On the short term trend, the coin is likely to rise as long as the price bars are above the 12-day EMA and the 26-day EMA. Meanwhile, the price is almost above 80% range of the daily stochastic. In other words, the coin is approaching the overbought region of the daily stochastic. The implication is that an upward movement of Ethereum will be hampered because of the absence of buyers. In the overbought region, buyers will not be available to push the price upward.

Conclusion

In the meantime, Ethereum is in a range bound movement between $157 and $173. Today, the price is falling after testing the resistance at $173. On the downside, the market may fall to the lower price range and bounce back. It is doubtful if the price will break the low of $157 and allow the resumption of the downtrend. On the upside, the downward correction is not complete except the $173 resistance is breached.

Chart: Tradingview.com