January 30, 2020 / Analytics

Ethereum Price Analysis: ETH/USD To Rise Over $ 180 by February, 6

ethereum-analiz

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.

Key points

  • 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.

eth-price-30-01

Technical indicators:

  • 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.

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