The crypto market is mostly in green as BTC renews the push for gains eyeing $40k. The second-largest cryptocurrency, Ethereum (ETH) is currently leading the cryptomarket momentum. The largest Altcoin is up 14.68% in 24 hours after surpassing the prior January 2021 peak at $1,352. Consequently, a new record high is set on ETH/USD at $1,440. This achievement resets the price ceiling of $1,428 in place since Jan. 13, 2018. Ethereum’s total market cap now stands at $159 billion with a trading volume of $40.8 billion in the past 24 hours. At the time of writing, Ethereum is exchanging hands at $1,407 after reaching intraday highs of $1,440. On a 7-day basis, the digital asset is up 28% with year-to-date returns at nearly 100%. On Jan. 19, Ryan Watkins, Messari researcher tweeted that Ethereum’s daily transaction volume “is going parabolic” indicating that Ethereum and Ethereum-based Stablecoins have processed $12.3 billion in transactions over the past 24 hours exceeding that of Bitcoin by $3 billion and also that of Omni-based USDT which recorded $9.3 billion.
*Ethereum (ETH) is currently leading the cryptomarket momentum
*At the time of writing, Ethereum is exchanging hands at $1,407 after reaching intraday highs of $1,440
*Ryan Watkins, Messari researcher tweeted that Ethereum’s daily transaction volume “is going parabolic”
Resistance Levels: $2,000, $1,700, $1,440
Support Levels: $1,200, $905, $750
ETH/USD Daily Chart: Bullish
ETH/USD Daily Chart
Ethereum uptrend kicked off on Jan. 15 from lows of $1,065, marking four consecutive days of bullish action. A massive liftoff on ETH/USD saw new record highs set at $1,440 before Ethereum faced resistance. A breakout above the resistance level at $1,440 could quickly push Ethereum price towards a high of $1,700 and then $2,000.
The upsloping moving averages and the relative strength index (RSI) in the positive territory suggest that bulls are in command. On the contrary, selling pressure above $1,400 could attract profit-booking from short-term traders which could pull ETH price below $1,350 (resistance now turned support). Anchor at this level may cushion severe losses. However, if this fails, ETH may extend the bearish leg back to $1,100 and then $905 support levels.
ETH/USD 4-Hour Chart: Bullish
ETH/USD 4-Hour Chart
Ethereum faced minor resistance at $1,440 high, however, the bulls refused to give up much ground. ETH must close the day above $1,400 to avoid a possible correction. On the downside, Ethereum sits on top of a robust support area between $1,142 and $1,178 which coincides with the MA 50. Failing to hold this range of support would be a significantly bearish indicator and may invalidate the bullish outlook.
In this scenario, a retest of the MA 200 support at $911 is possible. On the contrary, a sustained break above $1,440 will validate the gains to new record highs of possibly $1,700. The ETH/USD pair is only bullish while trading above the $1,200 level, key resistance is found at the $1,440 and the $1,550 levels. If the ETH/USD pair exchanges beneath the $1,100, sellers may test the $1,000 and $905 support levels.
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