ETH Price Prediction – January 11
Ethereum (ETH) is trading below the moving averages with a 21.87% price decline over the past 24 hours of trading as the cryptocurrency rolls over and drops beneath $910.
Resistance levels: $1400, $1500, $1600
Support levels: $800, $700, $600
ETH/USD couldn’t climb much higher from the $1260 level as the market begins to roll over and fall within the ascending channel. This decrease is largely attributed to the fact that ETH/USD plummeted pretty significantly. The price of Ethereum remains below the 9-day and 21-day moving averages and if ETH/USD continues to fall and drop beneath the support at $850, the coin may turn bearish.
What to Expect from Ethereum (ETH)
If the sellers continue to add downward pressure to ETH, initial support is expected at $800. Beneath this, other supports can be found at $700 and $600. On the other hand, if the bulls can defend the $1000 level and allow ETH to rebound, an initial resistance is located at $1200. Above this, additional resistance is expected at $1400, $1500, and $1600.
Moreover, the technical indicator RSI (14) is seen falling towards the 50-level which shows that the previous bullish momentum is starting to fade. If the RSI (14) indicator manages to remain above the 50-level then the bulls stand a chance to allow Ethereum to rebound at $1100. Therefore, if the coin penetrates beneath, it may continue a downward spiral.
Against Bitcoin, Before now, ETH stalled as it reached the resistance around 3546 SAT, causing it to roll over and fall. A few days ago, ETH/BTC plummeted precipitously as it dumped into the support at 2900 SAT. The pain did not stop there as ETH continued to fall further lower today to reach the downside at 2969 SAT. Ethereum bounced back from there and returned to where it currently trading at 3043 SAT.
Yesterday, ETH remains in a neutral market condition as it managed to rebound higher above the 3400 SAT. At the moment, if it drops back beneath 3000 SAT then the market would have to be considered as bearish and the support levels to watch are 2800 SAT and below. To turn bullish, ETH must rise much higher and break above the 3500 SAT level and above. Meanwhile, the RSI (14) is moving below the 55-level, causing more havoc to the coin.
Author: Azeez Mustapha
Read more at: https://insidebitcoins.com/news/eth-usd-market-53