Ethereum Price Prediction – January 16
The Ethereum price prediction reveals that ETH failed to climb above the daily high of $3394 level as its price touches the daily low at $3275.
ETH/USD Market
Key Levels:
Resistance levels: $3600, $3700, $3800
Support levels: $3000, $2900, $2800
According to the daily chart, ETH/USD is hovering at $3340 so it may take a few more days for it to catch up above the $3500 resistance level. However, the Ethereum price has not seen any major pullbacks yet but may use the 9-day moving average for support if it happens. More so, the most important signal for Ethereum is the break of $3500, which represented a major resistance level. Therefore, should in the case of bulls staying above this level, they may absolutely confirm a monthly uptrend.
Ethereum Price Prediction: Will ETH Break $3400 or Reverse?
The Ethereum price may succumb to selling pressure if the price drops below the 9-day moving average at $3200 support. Meanwhile, the Ethereum price hasn’t changed much during the past few days. The digital asset is currently fighting to stay above $3300 but might not face a lot of resistance until it gets to the $3500 level.
Moreover, the technical indicator Relative Strength Index (14) is seen moving above 40-level, therefore, if the signal line drops below this level, the market price may likely resume the downtrend to hit the supports at $3000, $2900, and $2800, but if it breaks above the 21-day MA upward, the potential resistance at $3600, $3700, and $3800 may be visited.
Against the BTC, the Ethereum price is currently bullish. As the price rises, buyers may be posing an additional threat for sellers which could push the coin above the 21-day moving average where the nearest target is located. However, an eventual break above this barrier may cause the coin to spike to the upside.
On the contrary, any bearish movement below the 9-day moving average could hit the main support at 7500 SAT before falling to the critical support at 7200 SAT and below. However, as the Relative Strength Index (14) moves above 47-level, if the signal line crosses above 50-level, the buyers may push the market to the potential resistance at 8200 SAT and above.
Looking to buy or trade Ethereum (ETH) now? Invest at eToro!
68% of retail investor accounts lose money when trading CFDs with this provider
