Ethereum tends sideways, IOTA and THETA with bullish price rally
The price of Ethereum (ETH) is currently struggling to climb northwards again. The prices of IOTA (MIOTA) and especially the Theta Token (THETA) are clearly more bullish and have been trending northwards in recent trading days.
In the course of a corrective crypto market, the Ether price bei Bitcoin Revolution cannot sustainably break away from the support zone between USD 1,425 and USD 1,485. However, as long as USD 1,425 is not undercut by the daily closing price, investors will use a rising overall market for new purchases.
The Ether price has been in a corrective movement since the previous week’s analysis. So far, however, the bulls have managed to defend the USD 1,425 daily closing level. Price setbacks to the support at USD 1,303 were used for additional purchases. If the Ether price sustainably rises back above USD 1,489, the EMA20 (red) in the area of USD 1,590 comes into view again. This is also the 200 Fibonacci extension. Stabilisation above this cross resistance should ensure a subsequent rise to the resistance zone between USD 1,660 and USD 1,714. Only if this area is sustainably overcome is a rise back to USD 1,880 conceivable. If this price level is dynamically overcome in the wake of a resurgent overall market, a renewed attempt to attack the all-time high at USD 2,038 is likely. If profit-taking remains limited and Ethereum stabilises above this price level, a rise to the red limiting upward trend line can be planned.
If the Ether price breaks above this resistance line, this would be a very bullish signal that activates the next price target at USD 2,809. This is the 361 Fibonacci extension of the overarching move. Renewed profit-taking is likely. Only when the Ether price also breaks through the 361 Fibonacci extension on the daily closing price will new price targets at USD 3,274 and USD 3,562 come into view. In particular, USD 3,562 (461 Fibonacci extension) is important in the crypto sector. Potential highs are often found at this projection mark. A consolidation back to USD 2,809 should therefore not be surprising. If the crypto market continues to develop positively in the medium term, a rise to the 561 Fibonacci extension at USD 4,315 could follow. The maximum price target at USD 5,068 (661 Fibonacci extension) remains unchanged for the time being.
Bearishe Variant (Ethereum)
The bulls are currently not managing to move the price of Ethereum northwards in the long term. This week there was a temporary correction back to the support at USD 1,303. If Ethereum once again undershoots the previous week’s low at USD 1,357 and USD 1,303 also fails to provide support, an extension of the correction is likely. The RSI indicator currently supports this scenario. If the Ether price falls dynamically below USD 1,303, a relapse into the blue support area at USD 1,223 is to be expected. In addition to the EMA100 (yellow), old lows can also be found at this cross-support. Therefore, the bulls can be expected to put up more resistance.
If this support area is also abandoned and USD 1,126 does not provide support, a correction to the low at USD 1,042 is likely. If the USD 1,042 level is also undercut on the daily closing price, the correction will widen considerably. The Ether price is likely to target the price low of 11 January at USD 922. This is also the EMA200 (blue). Therefore, the bull camp is expected to put up a strong fight. An abandonment of this chart mark would noticeably cloud the chart picture. If the bulls cannot stabilise Ethereum here either, they will first have to look at the high from May 2018 at USD 837. If Bitcoin (BTC) slides back towards USD 30,000, a test of the support levels at USD 769 and USD 720 cannot be ruled out.