Ethereum Price Analysis: ETH Pushes Higher, But Retraces to a Sideways Move

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.

ETH/USD - Daily Chart

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

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