Ethereum Price Prediction: ETH/USD Regains Ground But $135 Still Unconquered

ETH Price Prediction – January 3

ETH/USD has recovered today, moving in sync with the market. A sustainable move above $134.97 will improve the technical picture.

ETH/USD Market

Key Levels:

Resistance levels: $140, $145, $150

Support levels: $120, $115, $110

ETHUSD – Daily Chart

ETH/USD has tested $127 during early Asian hours but managed to recover above $133 at the time of writing. The price of Ethereum (ETH) with the current market value of $133.56 has stayed unchanged on a day-to-day basis and gained nearly 5.32% since the beginning of today amid the recovery across the cryptocurrency markets.

However, the Ethereum price has continued to rise further higher until it finds resistance at the expected level of $135. Looking at the daily chart, we can see that ETH/USD even spiked higher into the resistance level at $134.97. Therefore, if the buyers continue to push the market higher, the immediate resistance above $136 level will be located. Above this, further resistance levels lie at $140, $145 and $150.

Alternatively, if the bears try to bring down the price below the 9-day and 21-day moving averages, also to the support level of $130, the bears can expect immediate support to be located at $125 which is below the trend line of the channel. Below $125, further support is found at $120, $115 and $120. Meanwhile, the RSI (14) is moving towards the 50-level, which shows more bullish signals may come to play.

Against BTC, Ethereum is still trading above the moving averages of 9-day and 21-day within the channel and the price is now hovering at 1824 SAT as the stochastic RSI moves within the overbought zone. Although the bulls remain the dominant of the market, the pair seems to be moving towards the upper boundary of the channel.

At the upside, the resistance levels to be reached are 1900 SAT and 1950 SAT. Conversely, a lower sustainable move may likely cancel the bullish pattern and this could attract new sellers to the market with the next focus on 1700 SAT and 1650 SAT support levels.

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About AzeezMustaph

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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