Ethereum Price Prediction: ETH/USD Hits Below $1150; Price Holds Risk of Downside Breakout

ETH Price Prediction – January 12

ETH/USD continues to move below the key supports. The market price may continue to move down towards $950 if it fails to stay above $1050.

ETH/USD Market

Key Levels:

Resistance levels: $1350, $1450, $1550

Support levels: $800, $700, $600

As the market opens today, after touching the high of $1150 level, ETH/USD has been dropping with a bearish bias. The coin opens at $1088 and it is currently dropping below the $1100 support level. However, Ethereum price did start a nasty decline and broke many supports near $1000. The price could correct higher, but it is likely to face sellers below the 21-day moving average.

What is the Next Direction for Ethereum?

On the downside, there is a close below the $1000 level as the coin moves between the 9-day and 21-day moving averages. As a matter of fact, dropping below the 21-day moving average could open the doors for more losses and the price may tumble below the $850 level. More so, should it spike below the lower boundary of the channel, the critical support levels of $800, $700, and $600 may be tested as the technical indicator RSI (14) nosedives below the 60-level.

Moreover, ETH/USD could either recover above $1150 or extend its decline. On the upside, the next major resistance is near the $1300 level. Meanwhile, the price needs to climb above the $1350, $1450, and $1550 resistance levels to move back into a positive zone. If not, there is a risk of more downsides below the channel.

When compares with Bitcoin, the daily chart shows that Ethereum price is trading well between the moving averages. Meanwhile, as soon as the price goes above the channel, there is a possibility that additional benefits will be obtained in the long term. The next resistance key above 3300 SAT but if the price keeps rising; it could even break the 3400 SAT and above in future sessions.

Moreover, if the bears regroup now, the 0.027 BTC and 0.025 BTC supports may play out before rolling to a critical supports at 0.024 BTC and this may create a new monthly low for the coin. However, the daily outlook is range-bound as the RSI (14) is moving below the 55-level to enhance the bullish movement.