Where is Ethereum price heading to?
January 30, 2018 5:10 am,
Ethereum has continued to recover from the 47% pullback last week. The cryptocurrency’s market capitalization currently stands at US$104 billion, with US$2.7 billion traded over the past 24 hours.
ETH price is slowly recovering and is currently trading above the $1050 level against the US Dollar. There is a bullish trend line forming with current support at $1040 on the hourly chart of ETH/USD. The pair may slowly move higher towards the last swing high of $1089 and the $1110 resistance area. We had forecast a rally to $1174.36, which is the 61.8 percent Fibonacci retracement level of the recent fall from $1424 to $770 and Ethereum topped out at $1,160 on January 20, 2018. The bulls have been attempting to hold the trendline support for the past two days. We believe the support zone between $900 and $845 is likely to be defended strongly by the bulls. The ETH/USD pair will indicate a change in trend only after it breaks out of the down trendline.
There was a decent rise in ETH price above the $1050 level against the US Dollar. The price traded as high as $1089 from where a downside correction was initiated. It broke the 23.6% Fib retracement level of the last wave from the $947 low to $1089 high. There was even a break below the $1050 support area, but the downside moves found support at $1010.
The 50% Fib retracement level of the last wave from the $947 low to $1089 high acted as a major support. Moreover, there is a bullish trend line forming with current support at $1040 on the hourly chart of ETH/USD. The pair also stayed above the $1000 support and the 100-hourly simple moving average. It recovered later and is currently trading above the $1050 level. As long as the trend line support at $1040 is intact, the price may continue to rise in the near term.
Transactions per day and block times have both decreased this week, and the pending transaction pool is essentially zero at this time. The popular cryptokitties Decentralized Application (dApp) had been driving much of the transaction increase throughout the end of 2017. Total auction sales of cryptokitties now account for US$19,215,092.24. Many other dApps are coming online in 2018, which may increase transactions dramatically.
The technical experts indicate a higher timeframe mean reversion support test, with lower time-frames indicating several confluent long entry signals. Targets include the previous record high and resistance levels above US$1,500.