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Ethereum Price Prediction: ETH/USD Continue to Struggle as Price Stays Below $1300

ETH Price Prediction – January 26

It is likely for Ethereum (ETH) to lose traction as a breakdown to $1200 lingers.

ETH/USD Market

Key Levels:

Resistance levels: $1500, $1550, $1600

Support levels: $1000, $950, $900

ETHUSD – Daily Chart

As the daily chart reveals, ETH/USD is yet to clear the hurdle at $1500 following the fall from the new yearly high of around $1477. The bears seem to be gaining momentum under the short-term resistance, despite the fact that the coin trades above the 9-day and 21-day moving averages. On the downside, support is provided by the 21-day moving average.

Where is Ethereum Price Going Next?

On the upside, the Ethereum (ETH) may abandon the bearish outlook if the price closes the day above $1300. More so, suppose stability comes into the market above this crucial level, the buyers could have time to plan the coin for gains above the $1400 resistance level. Therefore, any further bullish movement across the upper boundary of the channel could locate the potential resistance levels at $1500, $1550, and $1600 respectively.

On the downside, if the price drops below the 9-day and 21-day moving averages, the coin is likely to locate the critical support at $1200 which is a close support level for the bears. However, a bearish continuation could bring the market to $1000, $950, and $900 support levels. Nevertheless, the trend may move sideways as the technical indicator RSI (14) moves in the same direction above the 60-level.

When compares with BTC, Ethereum is trading above the 9-day moving average and the price is now hovering at 4179 SAT as the technical indicator RSI (14) moves to cross above the 70-level to move into the overbought region. However, the bulls remain the dominant of the market as the pair seems to be moving towards the north.

ETHBTC – Daily Chart

Moreover, if the price drop below the moving averages, the support levels to be reached are 3600 SAT and 3400 SAT. On the other hand, a higher sustainable move above the upper boundary of the channel could attract new buyers coming into the market with the next focus on 4722 SAT and 4900 SAT resistance levels.

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      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.

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