Ethereum has become volatile and currently residing inside the ranges of $1,290 to $955 price zone. Ethereum facing resistance around $1,290 to $1,250 area. Bears to regain momentum in the days ahead? What are the charts and technical indicators are saying? Read more to find further insights into today’s ETH/USD Technical Analysis.
January 15, 2020, | AtoZ Markets – Ethereum rose today morning during the Asian session against the U.S. Dollar. Ethereum traded around $1,250 by 20:23 (01:23 GMT) on Friday, rose by 10.40% on the day. It was the biggest one-day percentage acquired since 3rd January. The upward move pushed ETH’s market capital up to $142.37B, or 13.34% of the absolute cryptocurrency market capital. At its most elevated, Ethereum’s market capitalization was $147.00B. Ethereum is currently trading around $1,200 area and trying to push downward. After bouncing from $955 to $980 support level, the bulls pushed the price upward quite impulsively. As per the current price action, the price may face strong resistance around $1,250 to $1,290 area in the coming days.
Ethereum Facing Resistance as the Investor’s Psychology Working Negatively
Ethereum is currently trading around $1,200 area and trying to decline. However, the price is still residing above the dynamic level of 20 EMA on the intraday chart.
Image: Ethereum 4 Hour Chart
According to the 4-hour chart, Ethereum facing resistance and currently trading around $1,200 area. As per the current price action, if the price can have an impulsive bearish candle close below $1,290 to $1,250 resistance level, the bears may regain momentum and decline towards $980 to $955 support area again in the coming days.
In addition, the dynamic level of 20 EMA is currently residing below the price. So, it may hold the price as strong support. Therefore, if the price breaks below the dynamic level impulsively, the bears may regain momentum in the process. Also, the MACD lines are currently residing above the 0.00 level and gradually sloping downside. Besides, the histogram has created a bearish divergence. It is indicating that the bears may regain momentum in the coming days.
ETH May Sustain the Bullish Bias
According to the daily chart, Ethereum facing resistance and currently residing near $1,200 area. As per the current scenario, if the price can break above $1,250 to $1,290 resistance level with an impulsive bullish candle, the bulls may recover upward towards $1,480 to $1,500 area in the process. Alternatively, if the price rejects $1,290 to $1,250 area with a daily bearish candle, the bears may regain momentum and push the price down towards $980 to $955 support area in the coming days.
Image: Ethereum Daily Chart
Furthermore, the dynamic level of 20 EMA is currently residing below the price. Along with the Kijun line and the Tenkan line. However, the dynamic level already acted as a strong support to push the price upside. Besides, the Kijun line and the Tenkan line worked as a confluence of the dynamic level.
To conclude, after retracing towards the dynamic level, the bulls regained momentum and pushed the price upward. A daily close is required to identify the definite momentum in the coming days.