ETH Price Prediction – January 5
ETH/USD is seen climbing higher and settling above the main $1000 barrier.as the coin remains at the upside.
Resistance levels: $1250, $1300, $1350
Support levels: $850, $800, $750
ETH/USD has been following the bullish trend and did the same yesterday as well. It is making a gain of almost 5.08% and touches the daily high of $1042.24. Meanwhile, the coin is managing to keep its price above the upper boundary of the channel. Traders can expect Ethereum to prepare itself steadily for a ride towards $1200.
What to Expect from Ethereum (ETH)
In the last few days, Ethereum has moved from $715 to $1168 and at the same time moving towards the upper boundary of the channel at the time of writing. The on-going trend may move a little bit higher in the next few days if the 9-day MA remains above the 21-day MA and the coin may likely reach the nearest resistance at $1200, any further bullish movement could hit additional resistance levels at $1250, $1300, and $1350 respectively.
However, a bearish drop may roll the market back below the 9-day and 21-day moving averages and also to the initial support level of $880. Meanwhile, the support levels are located at $850, $800, and $750. As the trading volume increases, the technical indicator RSI (14) is seen moving within the overbought region and this indicates that more bullish signals may come to play.
Against Bitcoin, Ethereum is currently trading above the 9-day and 21-day moving averages. The price is changing hands at 3243 SAT as the technical indicator RSI (14) moves below the 65-level. However, the daily chart reveals that the coin is retreating after touching the daily high of 3457 SAT.
In other words, the critical support levels are located at 2900 SAT and below. Inversely, a higher sustainable move may likely cancel the bearish pattern and it could attract new buyers to the market with the next resistance at 3700 SAT and above.
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