- Ethereum price is up by 11% since the start of the new year.
- Bullish targets lie between $1,400 and $1,450.
- The uptrend would be void if the $1,230 level was breached.
Ethereum price is performing resilient uptrend price behavior that has yet to show signs of retreat. The next surge could prompt a 10% rally in the coming days.
Ethereum price is not letting up yet
Ethereum price is displaying bullish signs that are hard to ignore. Since January 1, the decentralized smart-contract token has risen by 11%, blowing past the $1,250 support zone that held ETH suppressed for nearly three weeks. On January 5, the bulls produced a settle above the barrier and catalyzed the impulsive uptrend rally currently being displayed.
Ethereum price is now auctioning at $1,342. The bulls are inching closer to blowing past the December high of $1,352. The key monthly level should be watched closely. A daily candlestick above the barrier would scream bullish and aid a rally towards $1,400 and potentially $1,450. The targets are extrapolated through a Fibonacci Retracement tool that surrounds November’s trading range.
Shanghai hard fork on the horizon
The bullish technicals come at an interesting time in the market as Ethereum developers are preparing to launch the network update protocol as early as March of 2023. Shanghai hard fork, an update that will provide Ethereum investors with innovative staking capabilities while dually keeping network fees to a minimum. Several crypto advocates have called the anticipated update exactly what crypto needs to promote a new bull run.
ETH/USDT 1-day chart
For traders looking to join the uptrend move, invalidation of the bullish trend could arise from a breach of the $1,230 liquidity zone. The barrier lies adjacent to the 21-day simple moving average and was vital for the previous 30% uptrend rally that occurred between October 22 and November 6.
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
Editors’ Picks
Bitcoin: Retraces to around $75,000 after hitting new all-time high
Bitcoin (BTC) edges slightly down on Thursday and trades at around $74,900 after hitting a new all-time high (ATH) of $76,400 on Wednesday, buoyed by the victory of the crypto-friendly candidate Donald Trump in the US presidential election.
Ethereum price jump spurs most significant ETF inflows in six weeks
After a positive momentum in crypto markets following the outcome of the US presidential election, spot Ether exchange-traded funds (ETFs) in the United States saw their highest inflows in six weeks.
Top trending meme coins PEPE, BONK, and FLOKI achieve double-digit gains following Trump’s victory
The prices of top trending meme coins Pepe (PEPE), Bonk (BONK) and FLOKI (FLOKI) experienced double-digit gains following Trump’s victory on Wednesday. The technical outlook suggests that the three meme coins hover around key levels, and the breakout could push these coins higher.
SUI hits new all-time high fueled by Trump election win
Sui (SUI) edges down on Thursday and trades at around $2.24 after hitting a new all-time high (ATH) of $2.38 earlier in the day, buoyed by the victory of a crypto-friendly candidate, Donald Trump, in the US presidential election.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
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.