The crypto market is mostly in green as BTC renews the push for gains past $34k. The second-largest cryptocurrency, Ethereum began its upswing toward $1,500 following a dip to lows of $1,081 on Jan. 21. A new record high is achieved at $1,477 after four straight days of bullish action. This overrides the previous high of $1,440 set barely a week ago, precisely Jan. 19. The largest Altcoin is up 7.26% on 24 hours and 17.42 % weekly. Ethereum’s total market cap now stands at $163 billion with a trading volume of $44.3 billion in the past 24 hours. At the time of writing, Ethereum is exchanging hands at $1,440 as ETH/USD bull’s eye $2,000 amid record highs. Ethereum Whale addresses clocked a 13-month high of 1,103 on January 24. Blockchain analytics firm, Glassnode indicated that more than 35 Whale addresses (those holding at least 10,000 ETH) have been created since January 2021. The increased accumulation by Whales may have put upward pressure on the Ethereum price to new record highs.
*Ethereum began its upswing toward $1,500 following a dip to lows of $1,081 on Jan. 21
*Ethereum is exchanging hands at $1,440 as ETH/USD bull’s eye $2,000 amid record highs
*Ethereum Whale addresses clocked a 13-month high of 1,103 on January 24
Key Levels
Resistance Levels: $2,000, $1,750, $1,500
Support Levels: $1,350, $1,100, $905
ETH/USD Daily ChartETH/USD pair retested the prior January high at $1,440 to reach a new record peak of $1,477. The buyers are currently attempting to drive the price above the $1,477 resistance. A sustained breakout above this resistance is crucial to an uptrend with the next target objective of $1,675. In the event of an extended breakout, Ethereum could test key levels at $1,750 and ultimately $2,000.
However, if the price turns down due to resistance above $1,477, the pair could consolidate in a range for a few days before starting the next trending move. The bears will make a comeback if the ETH/USD pair breaks below the ascending trendline. In this scenario, a decline to the MA 50 at $905 is possible.
ETH/USD 4-Hour ChartEthereum stepped above the 4-hour MA 50 to achieve a new all-time high at $1,477. Although ETH retreated to test the short-term support at $1,381 after a subtle rejection, the upsloping moving averages and the relative strength index (RSI) in the positive territory still indicate that bulls are in command. Once the resistance at $1,500 is broken, Ethereum could begin the upswing to new price levels targeting $1,750 and $2,000.
On the contrary, a close under the $1,400 mark is likely to trigger more sell orders which may lead to declines beneath the $1,350 level. The MA 50 support at $1,285 will prevent losses from extending beneath $1,100. A plunge beneath this level may cause ETH/USD to test the support at $1040 near the MA 200. The ETH/USD pair is only bullish while trading above the MA 50, key resistance is found at the $1,500 and the $1,675 levels.
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