Ethereum Price Analysis: ETH Faces Price Rejection, May Make a Downward Move – Coinfomania

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Key Highlights

  • Ether (ETH) may revisit previous low if the downward move persists
  • ETH faces price rejection twice at $132

Ethereum (ETH) Current Statistics

  • The current price:$129
  • Market Capitalization: $14,190,609,561
  • Trading Volume: $8,160,910,621
  • Major Resistance Zones: $175, $200, $225
  • Major Support Zones: $125, $100, $75

Ethereum (ETH) Price Analysis January 02, 2020

Since December 18, the bulls have failed to break above $136 overhead resistance as it faces price rejection at $132. On December 30, Ethereum (ETH) fell to a low of $130 and made an upward move to a high of $132. The bulls were repelled after making two attempts at $132 but found support at $128. However, if the current resistance holds, ETH will be fluctuating between $128 and $132. Ethereum will risk further depreciation if the $128 low is breached.

The coin may revisit the $120 low. Nonetheless, the downtrend may resume if the current low is also broken. On the upside, if the current resistance at $132 is broken, ETH will move up and break the overhead resistance. We expect that the price will trade above $140 and probably reach the large price range of $160 and $200.

ETH/USD - Daily Chart

Ethereum (ETH) Technical Indicators Reading

The Relative Strength Index period 14 level 43 indicates that Ethereum is in a range-bound movement. The coin is likely to fluctuate for a few more days. Meanwhile, the bulls break the 12-day EMA but were repelled by the 26-day EMA. The coin is likely to fall below the EMAs which will ensure price downward move.

Conclusion

With the recent price rejection and the failure of the bulls to break the EMAs, Ethereum may make a downward move to the recent low at $120. Ordinarily, the downward move may hold and the price will rebound, possibly to break the resistance at $132.

Ethereum will rise if the price breaks above the 12-day EMA and the 26-day EMA. The bear market was terminated when the bulls break the downtrend line and closed above it. However, the selling pressure resumed and the price fell to a low of $140. The coin has moved up after reaching a low of $120.

Chart: Tradingview.com

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Read original at Coinfomania
Author: Mustapha Azeez

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