Ethereum (ETH) cryptocurrency rate is adjusted after the pump to $ 1,476. Most likely, the downtrend will continue and the coin will drop in price to $ 1,100 by February 4th.
The altcoin season has ended abruptly. On January 25, Ethereum price rose to a record high in history – $ 1,476 (Bitstamp data). However, after that, ETH followed BTC’s lead and began to fall in price before reaching $ 1,500. The upward movement will meet the first barrier at $ 1,310, which coincides with the 38.2% Fib recorded during the pump from $ 1,042 to $ 1,476. The nearest support barrier is located around $ 1,259 (50% Fib).
ETH rate is changing within the downtrend that started on January 25. Given the data on the chart, the asset value will decline to about $ 1100 by January 31st. However, since January 11, the price of the coin has been fluctuating in an upward channel. In this regard, the value of the cryptocurrency should bounce off the support zone around $ 1100 and go up to at least $ 1550.
Despite the rapid growth of the ETH rate from $ 779 to $ 1,354, the asset dump quickly ended. Bitcoin (BTC) has fallen in price by 24% in relation to the all-time high ($ 42,000), while Ethereum has twice updated its historical maximum during this time. This factor indicates a high demand for ETH and the continued bullish trend in the medium term.
Many analysts predict a parabolic rise in the value of ETH to $ 2,000 after breaking through the resistance at $ 1,500. Deribit Hotheads set an Ethereum exercise price of $ 10,000 through December 31, 2021. Nevertheless, the current bullish trend has already set a record for the duration: the coin began to add in value from $ 80 in March 2020 with rare dumps by 25-30%. Therefore, the market has long been overbought and needs a healthy correction to at least $ 500.
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