Ethereum Price Reaches $825 as Bulls Attempt to Gain More Ground
On January 3, 2021, Ethereum price gained its bullish momentum by reaching US$825 per ETH on the cryptocurrency market.
Ethereum Price Long-Term Analysis: Bullish
Since December 30, Ethereum bulls have pushed Ether to the high of $757 but were resisted. The upward move has been stalled below the resistance for the past three days. The coin is yet to break its previous price level of $838 as it pulled to $732 low. The bulls have also equally defended the current support to prevent the coin from sliding down.
Now, on January 3, 2021, cryptocurrency traders watch ETH price reaching its high level of $825-$830.
Buyers have already commenced a fresh uptrend. If buyers pushed the biggest altcoin above $757 resistance, a rally above $800 is expected to continue. The coin will attain the April 2018 price level and will be set to target the previous peak price of $1,424. Ether is trading at $730 at the time of writing. The biggest altcoin has been trading marginally because of low volatility.
Ethereum Indicator Analysis
The crypto fell but has risen to level 65 of the Relative Strength Index period 14. Ether has resumed its upward move to previous highs. Another correction will arise if the RSI is above level 70. The coin has remained above the 80% range of the daily stochastic. It indicates that ETH is in a strong bullish momentum.
What Is the Next Direction for Ethereum?
A further upward move is expected as indicated by the Fibonacci tool analysis. A retraced candle body tested the 38.2% Fibonacci retracement level on December 23. This retracement indicates that ETH will rise to level 2.618 Fibonacci extensions. That is, the crypto will reach a high of $902.89.
Disclaimer. This analysis and forecast are the personal opinions of the author and not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their research before investing funds.
Source: Read Full Article