January 17, 2021

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Ethereum price analysis – ETH/USD blasts past $1,200 as the euphoria takes over

3 min read

TL;DR

  • Bullish Ethereum price analysis takes center stage as ETH/USD reaches $1,212
  • Buyers are showing healthy buying activity as volume soars
  • Ethereum now trades at the 3-year high with no end in sight to the bull run

As ETH/USD resumes uptrend, the pair is targeting fresh new multi-year highs. The bulls have displayed a strong buying tendency to overpower recent correction on the hourly charts. The technical indicators are now once again in the positive territory and approaching overbought levels. But the buying activity is supported by large players and institutional investors.

Ethereum price analysis – ETH/USD blasts past $1,200 as the euphoria takes over 1
Cryptocurrency heat map by Coin360

The price must close above $1,180 to continue the uptrend and take the pair even higher. Presently, Ethereum price analysis is showing no sign of leaving the bull region. The pair may consolidate above the $1,200 level before it attempts to move past the $1,300 resistance next. However, bulls are likely to face selling pressure as the pair approaches the $1,300 target.

Any sustained selling pressure can result in the pair cracking below the $1,100 level. There is strong support lined underneath at $1,050 were the pair. Such a downturn can spark further correction in the Ethereum price analysis.

Ethereum price movement in the last 24 hours – Surging past $1,200 with ease

Ethereum broke past $1,161 resistance to move beyond $1,200 resistance. The .786 Fibonacci resistance at $1,145 was achieved without much effort since the underlying volumes were high. The bearish trend subsided once the price went past the $1,145 level, and the bulls took the driving seat control.

Ethereum price analysis – ETH/USD blasts past $1,200 as the euphoria takes over 2
Ethereum price chart by TradingView

In the last 24 hours, Ethereum price analysis has been squarely bullish without any sign of stopping. The support levels include $975 and $1,000, where the bulls will once again resume buying activity in case a downturn persists.

The all-time high of ETH/USD remains at $1,425, and the current trajectory of the pair can take it higher in the next few days. Today, Ethereum continued its bull rally on the back of a festive atmosphere in the cryptocurrency domain. The pair seems to respond well to broader crypto developments.

ETH/USD 4-hour chart – Minor resistances lie ahead

The short-term hourly prediction shows that the pair faces little to none resistance as it marches ahead. The $1,200 pivot point will become crucial if the pair closes above this level. Such a move will ensure that bulls continue their buying action with intense interest. With strong support lined by bulls at $1,100, there are high chances that an all-time high is achieved in the next few days.

The ascending price channel is not sloping any time downwards soon. The RSI reading stands at 80, which is deep in overbought territory. The MACD shows that the pair has a fair amount of room to run before it cools down. The 200-day EMA is relatively lower than the current cycle, which is another positive for the bulls. The bullish momentum is further strengthened by the volume data, which shows the rise in net long positions.

The higher end of the upper Bollinger Band is now stretched out relatively towards the outside, giving the pair more room to accommodate further buying. Extreme volatility may play the damper here as higher lows have begun to emerge on the hourly charts.

Ethereum price analysis conclusion – Soaring volatility threatens bull run

As Ethereum price analysis jumps into overbought territory, the volatility is rising. The increase in volatility is risking further uptrend in Ethereum. The price can remain stuck in a close range before it moves next to higher levels. The crucial level to watch is $1,200 on the daily charts.

On the larger timeframe, the pair must remain above $840 to push the lower support upwards. The ETH/USD pair is closely following the unprecedented move by Bitcoin, which has gone past $35,000 today and has seen massive buying by large investors. Other altcoins are also jumping on the back of positive sentiment in the entire crypto industry.

Ethereum price analysis suggests that the pair may consolidate on the hourly charts before going further upwards. The pair will also display signs of a renewed bull run once the daily higher lows are breached. The fundamental development surrounding ETH 2.0 will also guide the future course of action for Ethereum price analysis.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.





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