Ethereum is consolidating since past few week after a downtrend from its all-time high. The 2 January Ethereum Price Fundamental Outlook give more insight on this.
2 January, OctaFX –Ethereum started the year on a high note. On Monday, the currency gained 149 points to establish a double top position at the all-time price of $876. It then started what seems like a short-correction after its RSI reached a high of 90, indicating an overbought position.
Could this be an indication of better things to come?
On the same day, Bitcoin continued to slide, falling from a high of $13,903 to a low of $13,297, which is an important support area.
2 January Ethereum Price Fundamental Outlook
Ethereum’s rise in the New Year reminds us of bitcoin in 2017, which started the year just below $1,000 and ended at more than $13,000.
In the short-term, traders should wait for the RSI to touch the 57.42 level before initiating long positions as shown below.
This article about 2 January Ethereum Price Fundamental Outlook was provided by OctaFX. It should substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.
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