Ethereum climbed further higher above $1,620 against the US Dollar.ETH is consolidating gains and might aim another rally towards the $1,720 level.- Ethereum is correcting gains from the $1,655 and $1,665 resistance levels.- The price is now trading above $1,600 and the 100 hourly simple moving average.- There was a break below a key bullish trend line with support near $1,630 on the hourly chart of ETH/USD (data feed via Kraken).- The pair could rally again if it stays above the $1,600 support zone.
Ethereum Price Eyes Another Increase Ethereum price started a steady increase above the $1,500 resistance zone.ETH gained pace for a move above the $1,600 resistance zone, similar to bitcoin at $22,000.The bulls even pushed the price above the $1,650 level and the price settled above the 100 hourly simple moving average.A new yearly high was formed near $1,679 and the price is now correcting gains.
There was a minor move below the $1,650 level.Ether price dipped below the 23.6% Fib retracement level of the upward move from the $1,480 swing low to $1,679 high.
Besides, there was a break below a key bullish trend line with support near $1,630 on the hourly chart of ETH/USD.The price is now trading above $1,600 and the 100 hourly simple moving average.An immediate resistance is near the $1,650 level and the broken trend line.Source: ETHUSD on TradingView.com The next major resistance is near the $1,680 level.
An upside break above the $1,680 resistance zone could start a fresh increase.In the stated case, the price may perhaps rise towards the $1,720 resistance.Any more gains might send the price towards $1,788 or even $1,800 in the near term.Dips Limited in ETH? If ethereum fails to clear the $1,650 resistance, it could continue to move down.An initial support on the downside is near the $1,600 level.The next major support is near the $1,580 level or the 50% Fib retracement level of the upward move from the $1,480 swing low to $1,679 high.If there is a move below $1,580, the price might test the $1,520 support.Any more losses might call for a test of the $1,480 zone.
Technical Indicators Hourly MACD – The MACD for ETH/USD is now losing momentum in the bearish zone.Hourly RSI – The RSI for ETH/USD is now above the 50 level.Major Support Level – $1,580 Major Resistance Level – $1,650 Aayush Jindal Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets.He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer.
He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.Bitcoin continued to hover around the $23,000 level on Jan.
23, as bullish sentiment remained high in markets.Over the weekend the world’s largest cryptocurrency rose to its strongest level since August, with bulls moving to consolidate these gains.
Ethereum also traded in the green today, remaining above $1,600 in the process.Bitcoin Bitcoin (BTC) continued to trade near a five-month high to start the week, as sentiment in crypto markets remained bullish.Following a low of $22,387.90 on Sunday, BTC/USD hit an intraday peak of $23,056.73 earlier in today’s session.On Saturday, BTC rose to a high of $23,375, which was its strongest point since August 18, and it appears as though bulls are hoping to recapture this point.
In order to achieve this, the 14-day relative strength index (RSI) will likely need to move back towards a ceiling at 91.00.Currently, the index is at the 85.26 level, which is already overbought, and this could lead to some opting to secure gains and abandon previous positions.As of writing, BTC is trading at $22,876.55, which is marginally higher than Sunday’s peak.Ethereum Ethereum (ETH) also appeared to be consolidating the weekend’s gains, with prices remaining above the $1,600 mark.
On Monday, ETH/USD has so far risen to a peak of $1,658.02, which is relatively close to Saturday’s four-month high at $1,680.Today’s peak comes as the world’s second largest cryptocurrency rebounded from a floor around the $1,610 mark.
Looking at the chart, the rebound took place following a failed breakout of a support point of 75.00 on the RSI indicator.As of writing, the indicator is tracking at 75.23, with the next visible resistance level at 80.00 zone.ETH bulls will likely be still targeting a move above $1,700, and for this to occur, the 80.00 mark must first be overcome.Register your email here to get weekly price analysis updates sent to your inbox: Tags in this story Could ethereum climb above $1,700 this week, despite prices being overbought? Leave your thoughts in the comments below.Eliman Dambell Eliman brings an eclectic point of view to market analysis.He was previously a brokerage director and online trading educator.Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.
Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only.It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies.Bitcoin.com does not provide investment, tax, legal, or accounting advice.Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.Bitcoin surged to a five-month high to start the weekend, as bullish sentiment returned to cryptocurrency markets.Prices of the world’s largest digital currency rose above $23,000, rebounding from a recent drop towards $20,000.Ethereum also rallied, as it hit its strongest point since September.
Bitcoin Bitcoin (BTC) raced past the $23,000 level to start the weekend, with prices climbing to a multi-month high.Following a low of $20,961.21 on Friday, BTC/USD climbed to an intraday peak of $23,249.89 earlier today.Today’s rally saw bitcoin jump to its highest level since August 24, when price at the time was trading at a top of $23,600.As can be seen from the chart, the move comes as the 14-day relative strength index (RSI) moved back towards a ceiling of 90.00.
Currently, the index is at the 86.30 level, with earlier gains somewhat fading, as traders move to secure profits.As of writing, BTC is trading at $22,902.03, which is still roughly 9.27% higher than yesterday’s low.Ethereum Like bitcoin, ethereum (ETH) also surged on Saturday, as it climbed to its highest mark in the last four months.ETH/USD hit a high of $1,674.18 earlier in the day, which comes following a bottom of $1,550.03 on Friday.As a result of the move, ethereum recaptured a high not seen since September 13, which is the last time it traded over $1,700.
Although prices are currently below this threshold, the resurgence of bullish momentum on Saturday could lead to further surges this weekend.The surge has pushed the 10-day (red) moving average back into an uptrend, extending its distance from its 25-day (blue) counterpart.Overall, ethereum is up 6.28% as of writing.
Register your email here to get weekly price analysis updates sent to your inbox: Tags in this story Do you expect ethereum to rise above $1,700 this weekend? Leave your thoughts in the comments below.Eliman Dambell Eliman brings an eclectic point of view to market analysis.
He was previously a brokerage director and online trading educator.Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.
Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only.It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies.Bitcoin.com does not provide investment, tax, legal, or accounting advice.Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.- The S&P 500 metric showed a price correction while Ethereum continued an uptrend.- Percent Supply in Profit was over 67% at press time, representing a four-month high for Ethereum.
The price of Ethereum rose dramatically over the last few days, which indicated a bull trend.Consequently, the recent activity of the S&P 500 metric and its correlation with crypto may provide some indication as to the same.
Read Ethereum’s Price Prediction 2023-24 Ethereum and equity prices go in opposite directions Recent information indicated that Ethereum’s price was trending opposite to the S&P 500.Per Santiment’s data, at press time, the price of the S&P 500 index underwent a correction following its previous rising trajectory.When the S&P 500 (a proxy for equities) and cryptocurrency show no relationship to one another, a bull market is said to have begun.The Standard & Poor’s 500 (S&P 500) measures the collective stock market performance of 500 of the largest publicly traded corporations in the United States.The index components are chosen by Standard & Poor’s, an S & P Global division, and broadly represent the U.S.stock market.Percent Supply in Profit hits four-month high Besides the stock market’s movement, the percentage of supply in profit is a leading sign of an Ethereum bull run.Over 67% of the Percent Supply was profitable, as evidenced by data from Glassnode.
The graph also showed that the present level of the Percent Supply in profit was at its highest in four months.The significance of this statistic in evaluating the Ethereum bull run is that the greater the Percent Supply in profit, the more likely a bull run is in play.MVRV shows reduced loss When the 365-day Market Value to Realized Value (MVRV) ratio is included, the case for a bull market becomes stronger.The MVRV ratio was roughly 6.3% at the time of writing.The current MVRV level indicated a 6% decrease in the value of Ethereum.Though a loss, the stretch to recoup the earlier loss suggested a bull market.However, it would be a complete run when it turned the holdings in the 365-day period into profit.Is your portfolio green? Check out the Ethereum Profit Calculator Ethereum remains in the overbought zone A daily timeframe chart of Ethereum’s price showed that it was trading near $1,550 as of this writing.
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