Ethereum Price Analysis: ETH/USD To Rise Over $ 180 by February, 6
The bullish trend has been dominating on the Ethereum (ETH) cryptocurrency market since January 3. According to the technical indicators and chart data, the digital asset rate should grow to $ 180 by February, 6.
- ETH/USD overcame resistance near $ 175 and consolidated above this mark.
- The course of the coin is moving to the next barrier - $ 178.
- A support zone has formed at a level of $ 175.
The correction of the ETH rate was completed On January 30. The ETH/USD fell in price to $ 170, then the bulls took control of the market and pro -amped the value of the asset to $ 176. The downward trend was due to the fact that buyers once again failed to break through $ 180. However, the bearish trend quickly ran out of steam.
In the area of $ 170, which coincides with the average price per 100 hours, there is increased buying activity, moreover, at $ 175 there is a support zone that protects Ethereum from further losses. The $ 175 mark is located at 50% of the Fibonacci level. In the near future, the price of ETH will test the resistance zone in the region of $ 178. If this barrier is broken, the rate will rise to $ 180.
Ethereum Cost Risks
The graph shows that the price of ETH can be adjusted to $ 168 if sellers break through $ 170. The next level of support is at around $ 164. In the short term, Ethereum will drop in price to $ 170, after which with high probability there will be a powerful upward movement, as a result of which the cost of the coin will exceed $ 178 and reach $ 180.
- The 4-hour MACD is in the bearish trend zone.
- The 4-hour RSI is above 50.
- The main support level is at $ 170.
- The main resistance level is at $ 178.