Ethereum Price Analysis: Tuesday’s spinning top tests ETH bulls bracing for fresh record top around $2,000


  • ETH/USD rises for third day in a row, probes intraday high off-late.
  • Tuesday’s candle suggests the buyers are tired, overbought RSI also challenges further upside.
  • Two-week-old rising trend line lures the bulls, 10-day SMA restricts immediate downside.

ETH/USD rises to $1,793, up 1.20% intraday, during early Wednesday. The cryptocurrency pair refreshed an all-time high the previous day before easing from $1,824.53. In doing so, the altcoin marked the buyers’ exhaustion via daily candlestick.

Other than the candlestick formation showing a battle of the bulls and the bears, overbought RSI conditions also raise doubts on the ETH/USD upside.

As a result, intraday sellers may take risk of entry if witnessing a downside break of the nearby support, namely a 10-day SMA of $1,648.50.

However, the previous month’s top near $1,477 and the monthly low around $1,270 can test the bears afterward.

Meanwhile, an upside clearance of Tuesday’s high will direct ETH/USD buyers to an ascending resistance line from January 25, currently around $1,895.

It should, however, be noted that the quote’s sustained run-up past-$1,895, may not hesitate to confirm the market chatters favoring the $2,000 as the next price.

ETH/USD daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price 1786.31
Today Daily Change 14.15
Today Daily Change % 0.80%
Today daily open 1772.16
 
Trends
Daily SMA20 1450.15
Daily SMA50 1173.9
Daily SMA100 854.85
Daily SMA200 616.51
 
Levels
Previous Daily High 1824.23
Previous Daily Low 1710.01
Previous Weekly High 1763.93
Previous Weekly Low 1271.31
Previous Monthly High 1477.3
Previous Monthly Low 715.22
Daily Fibonacci 38.2% 1780.6
Daily Fibonacci 61.8% 1753.64
Daily Pivot Point S1 1713.37
Daily Pivot Point S2 1654.58
Daily Pivot Point S3 1599.15
Daily Pivot Point R1 1827.59
Daily Pivot Point R2 1883.02
Daily Pivot Point R3 1941.81

 

 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Polygon joins forces with WSPN to expand stablecoin adoption

Polygon joins forces with WSPN to expand stablecoin adoption

WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.

More Cryptocurrencies News
Coinbase envisages listing of more meme coins amid regulatory optimism

Coinbase envisages listing of more meme coins amid regulatory optimism

Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.

More Crypto News
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B

Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B

As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.

More Bitcoin News
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.

More Shiba Inu News
Bitcoin: Rally expected to continue as BTC nears $100K

Bitcoin: Rally expected to continue as BTC nears $100K

Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week. 

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP