As Bitcoin breaks higher, major altcoin like Ethereum is seriously driving more into greens. As a result of this, the bulls have continued to take the bears by surprise as Ethereum soared to a 3-month level.
Just as expected, Ethereum found support above $1,500 and bounced higher to the important level of $1,678. This level was rejected, and the price dropped to $1650 due to the overlapping trading session.
The New York session is now open. More positive actions could play out if the bulls continue to show interest. It just retested the previous high of $1,612 on the hourly time frame and now looking poise for more gains.
Meanwhile, it has left a lot of important levels behind. These levels might come into play if a deep correction occurs. With the situation of things now, the asset is in an extremely bullish condition. There is no sign of the bears in the market.
Following this bullish trajectory, Ethereum targets the $2000 level, which remains the crucial break level for a long-term bull run.
If it successfully flips this crucial level mentioned above, we can expect massive buying pressure in the coming months. This alone could bring an end to the long bearish cycle.
Ethereum Key Level To Watch
Ethereum is still trading under the $1,678 resistance level. There is an hourly resistance at $1,720 if this level flips before rising to $1,788 – the September 2022 resistance. Above this resistance lies the $1950 level.
If this resistance level continues to suppress buying pressure and causes the price to fall, the primary support to keep in mind is the recent rebound level of $1,500.
The support to watch below it is $1,403, followed by $1,350 and $1,300 to test the ascending support line. A break below this line might activate a heavy sell-off.
Key Resistance Levels: $1,678, $1,788, $1,950
Key Support Levels: $1,500, $1,403, $1,350
- Spot Price: $1,650
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Source: https://nulltx.com/ethereum-price-analysis-prediction-jan-25th-eth-soars-to-3-month-high-amid-fresh-market-recovery-but-facing-rejection/