Ethereum Price Prediction: ETH/USD Struggles Around $144 Amidst Bear Pressure

ETH Price Prediction – January 12

In the past few days, Ethereum surges from $137 to $149 and then drops to $144. ETH/USD may likely cross $150 by next week.

ETH/USD Market

Key Levels:

Resistance levels: $155, $157, $159

Support levels: $130, $128 $126

ETHUSD – Daily Chart

ETH/USD has been consolidating within the ascending channel for the past few days. For now, ETH/USD is currently trading at $144.45 but still trading above the 9-day and 21-day moving average. At the opening of the market today, the daily chart shows that the price first went up to $146.77, where it met resistance and later fell to $142.12 support level where it began to correct itself.

However, in the early hours of today, the bulls have regained control of the market. A couple of days ago, trading has been a resounding victory for the bulls as Ethereum’s price jumped up, breaking above the 9-day and 21-day moving averages. Looking at the daily chart, the daily breakdown shows us that ETH/USD is still following an uptrend.

In other words, for a backward movement, the market can be supported by $130 and $128 levels, if the price falls below the previous levels; another support is around $126. But should in case the price exceeds the indicated level by breaking above the channel, the resistance levels of $155, $157 and $159 may be visited. The MACD signal lines are about crossing to the positive side, which may likely give more support to the bulls.

ETHBTC – Daily Chart

Against Bitcoin, Ethereum (ETH) is currently changing hands at 1778 SAT after witnessing about four consecutive green candles in the last few days. Looking at the daily chart, the current trend of the coin is perpetually looking bullish in the short-term, moving towards the 9-day and 21-day moving within the descending channel.

Meanwhile, the resistance levels to look for are 1900 SAT and 1950 SAT while the closest support levels to keep an eye on are 1680 SAT and potentially 1630 SAT. The RSI (14) moves above level 40, which may likely give more bullish signals in the nearest term.

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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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