ETH/USD Gets Ready to go Below $2300 Level

Ethereum Price Prediction – January 28

The Ethereum price prediction reveals that ETH moving at a crucial support level that could determine where the coin will be going next.

ETH/USD Market

Key Levels:

Resistance levels: $2900, $3000, $3100

Support levels: $1800, $1700, $1600

ETH/USD keeps following downtrend as the coin is seen dropping towards the lower boundary of the channel. The Ethereum price is yet to create a new high above the resistance level of $2475. However, if the selling pressure increases, Ethereum (ETH) could most likely remain bearish and may create additional red candles.

Ethereum Price Prediction: Ethereum (ETH) May Go More Lower

According to the daily chart, the Ethereum price is hovering below the 9-day and 21-day moving averages and the increase in selling pressure could bring ETH/USD to touch a new low at $2200. However, if the red-line of the 9-day moving average remains below the green-line of the 21-day moving average, the price of Ethereum could go lower.

However, should in case the buyers manage to push the coin upward, a slight bullish movement could take the Ethereum price to cross above the 9-day moving average for the coin to hit the resistance levels of $2900, $3000, and $3100. More so, if the Ethereum price failed to stay above the moving averages this could spell trouble for the number two crypto.

Nevertheless, with a look of things, any further bearish movement from the current market value may trigger a sell-off below the lower boundary of the channel. As the technical indicator Relative Strength Index (14) remains within the oversold region, it is likely for the Ethereum price to locate the supports at $1800, $1700, and $1600.

When compares with BTC, the last few days has been revealing a breakdown on the long channel after a continuous selling pressure in the market which leads to the current trading price at 6525 SAT. However, the current market movement shows that bears are in control. The technical indicator Relative Strength Index (14) is swimming within the oversold region, revealing the ongoing price drop.

However, looking at the technical indicator, the Ethereum price may continue to signal a downward movement and with this, sellers can take the market to the support level of 6000 SAT and below. On the contrary, if the buyers hold the current market price and push the coin back above the 9-day and 21-day moving averages, the resistance level of 7000 SAT and above could be reached.

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