Ethereum has become volatile, but still holding the bullish bias over $1,280 to $1,300 support zone. Ethereum climbed over $1,300 psychological key level. Will bulls recover further upward in the coming days? What are the charts and technical indicators are saying? Read more to find further insights into today’s ETH/USD Technical Analysis.
January 29, 2021, | AtoZ Markets – Ethereum price declined today morning during the Asian session against the U.S. Dollar. However, Ethereum’s local token ETH declined by over 20% from its session high of $1,350 on benefit taking feeling. At the same time, the technical tools highlight further correction downside. Ethereum is currently trading around $1,315 area and trying to push the price upside. After bouncing from $950 to $1,000 event level, the bulls pushed the price higher quite impulsively, but failed to break above $1,430 to $1,470 key level. As per the current price action, the price may find strong support at the dynamic level of 20 EMA on the intraday chart in the coming days.
Ethereum Climbed Over as Investor Believes It May Reach a Record High
Ethereum is currently residing around $1,315 area and trying to recover higher. However, the price is still residing over the Kumo Cloud on the intraday chart.
Image: Ethereum 4 Hour Chart
According to the 4-hour chart, Ethereum climbed over and currently trading around $1,315 area. As per the current price action, if the price can have an impulsive bullish candle close above $1,280 to $1,300 area, the bulls may recover higher towards $1,430 to $1,470 area in the process. Alternatively, if the price breaks below $1,300 to $1,280 support level, the bears may regain momentum and decline towards $1,150 to $1,120 area again in the days ahead.
In addition, the dynamic level of 20 EMA is currently residing near the price. Along with the Kijun line and the Tenkan line. So, the dynamic level may work as strong support if the price breaks over it. Besides, the Kijun line and the Tenkan line may work as a confluence of the dynamic level in the process.
ETH May Strike Higher
According to the daily chart, Ethereum climbed over as investors are still optimistic. As per the current scenario, if the price can have a daily bullish candle close above the last daily candle’s high, the bulls may sustain the bullish pressure towards $1,430 to $1,470 area as a first target. The second target will be $1,580 to $1,600 area if the price breaks over $1,430 to $1,470 area in the coming days.
Image: Ethereum Daily Chart
Furthermore, the dynamic level of 20 EMA is currently residing below the price. It may work as strong support to push the price upward. Also, the MACD lines are currently residing above the 0.00 level, which indicates that the bulls are still residing on the market and may strike higher in the days ahead.
To conclude, Ethereum is still quite volatile, but the bulls are holding the bullish bias above the dynamic level. A daily close is required to identify the definite momentum in the coming days.