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Ethereum up by 22% From Previous Day’s Lows, Will It Form New ATH?


coinpedia.org 2021-01-13 17:20
Reading time: ~2 m

ETH Possessing less Volatility

The Ethereum bullish trend experienced a major correction by dipping nearly 32% to revisit the levels below $1000. But in the early hours of trading, the ETH price rebounded very well with nearly 27% growth.

One of the technical analysts, Kong, Ethereum currently is trying to flip the previous key resistance area. A successful filp will rally the price back to $1280 and an unsuccessful one will drag the price close to $1050.

$ETH right here trying to flip the previous key-area of resistance. Let's see if it is able to do so.

A successful flip would bring us back to $1280 and an unsuccessful one to $1050 max.

RUN IT BACK TURBO, APES!!! pic.twitter.com/mg7pJ5jdVq

— Kong (@KongBTC) January 12, 2021

The trading volume increased immensely giving a great boost to the ethereum price which rallied above $1000. As per analysts, George, Ethereum may outperform all the other assets in the coming days, while BTC price may range sideways.

Also Read: 2021 Expected to Be the Year of Ethereum, Will It Hit $10,000 by the End?

Ethereum Price Analysis

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Ethereum price was heading strongly towards the ATH and the crypto space expected the asset to form new highs very soon. But suddenly, the ETH price experienced a drastic drain dipping out nearly 32% of the price in less than 24 hours.

It was considered as a small correction phase which was successfully completed with a huge boost to the price which rallied more than 26% in the early hours of trading. Currently, it is mandatory for the ETH price to break the resistance level $1150 to rally further to test the resistance levels at $1346. 

Once these resistance levels are broken the target would be to form new highs above $1432. However, the strong support levels are formed at $1038 and in case the price breaks down this level, the price may even slip below $1000 to touch the support levels at $970.

Also Read: Ethereum Price in the Decisive Phase, A Major Breakout is Mandatory!


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