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Ethereum (ETH) Price Analysis: Expecting a Test of $1,150 Shortly

Price Predictions
Thu, 01/21/2021 - 14:38
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Denys Serhiichuk
How long will the Ethereum (ETH) drop last?
Ethereum (ETH) Price Analysis: Expecting a Test of $1,150 Shortly
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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The long-term correction might have started on the cryptocurrency market as most of the coins are in the red area. Mainly, Polkadot (DOT) has shown a 7.35% decrease over the last day.

Top 10 coins by CoinMarketCap
Top 10 coins by CoinMarketCap

The drop of the coins has affected the total market capitalization, which has dropped below $1 trillion and is now $943 billion.

Cryptocurrency market capitalization
Cryptocurrency market capitalization

The relevant data for Ethereum is looking the following way:

  • Name: Ethereum

  • Ticker: ETH

  • Market Cap: $143,110,153,054

  • Price: $1,248.45

  • Volume (24h): $46,185,489,059

  • Change (24h): -3.14%

The data is relevant at press time.

ETH/USD: Can bulls hold the $1,100 level?

Even though Ethereum (ETH) is not as bearish as Bitcoin (BTC), the price change of the chief altcoin has accounted for -2.70 over the past 24 hours.

ETH/USD chart by TradingView
ETH/USD chart by TradingView

On the hourly chart, Ethereum (ETH) might show a short-term bounceback before a further drop. Such a move is supported by the high buying trading volume and relatively high liquidity. In this case, the rise may last until the closest resistance at $1,320.

ETH/USD chart by TradingView
ETH/USD chart by TradingView

On the 4H time frame, the situation is bearish as bulls have failed to fix above $1,250. Thus, Ethereum (ETH) is located below the MA 50, which confirms sellers' power.

Related
BTC, ETH and XRP Price Analysis for January 20

In this regard, there are chances of seeing the leading altcoin at $1,150 soon.

ETH/USD chart by TradingView
ETH/USD chart by TradingView

On the bigger chart, the key support is located around the $1,130 mark. Thus, a huge amount of liquidity is also focused there that considers a short-term bounceoff from that area.

Ethereum is trading at $1,223 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.