Key Highlights
- Ethereum (ETH) is fluctuating above the $160 support level
- The pair is likely to retest the $173 resistance level
Ethereum (ETH) Current Statistics
The current price: $161
Market Capitalization: $17,683,202,760
Trading Volume: $14,288,071,657
Major Resistance Zones: $175, $200, $225
Major Support Zones: $125, $100, $75
Ethereum (ETH) Price Analysis Jan. 16, 2020
It is a fact that the bulls have overcome the bears at the lower price level and shot into a high of $173. In the previous analysis, the market has not gone beyond $136 or $148. The market has been hindered by insufficient buyers at the upper price level. Presently, the coin is retracing from the high of $173 and it is trading above $160 support level.
On the downside, if the bears break below $160, ETH will fall to the low of $160. Conversely, if the $160 support holds, the price will rise to retest or break the $173 resistance level. The upward movement will not cease but reach $197 if the $173 resistance is breached. Nonetheless, if the bulls fail to break the $173 resistance, the market will resume a sideways move.
Ethereum (ETH) Technical Indicators Reading
The MACD line and the signal line are trading above the zero line indicating a buy signal for Ether. The Exponential Moving average has made a bullish crossover indicating an upward move of the coin. The upward movement will be continuous as long as the price bars are above the EMAs.
Conclusion
ETH has made a giant stride as the bulls pulled above the $160 resistance level. The upward move is guaranteed if the bulls continue to sustain the upward trend. At the same time, the bulls must defend the $160 price level so that the bears do not take undue advantage. Meanwhile, the coin is fluctuating above $160 support level.
Chart: Tradingview.com
