Ethereum price is in a downside correction towards $160 level in the short term, but does it mean that the current uptrend is over?
Ethereum Price Medium-term Analysis
Yesterday January 14, the price of Ethereum (ETH) was trading in a bullish trend zone. ETH bulls were able to push the price above the $150 resistance level, and this opened the doors for a sharp rise.
As a result, the Ethereum price surged more than 15%. The price broke above the $160 and $165 resistance levels and a high was formed near the $171 level. Currently, the price of Ethereum seems to be correcting downward as it is now trading at the $164 level.
Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are above the zero line which indicates a buy signal.
ETHUSD Price Short-term Analysis
On the 1-hour chart, the price of ETHUSD is in a bullish trend. The pair remains well supported near the $162 and $160 levels after a downward correction from $171. Nevertheless, a downside correction towards $160 in the short term is possible, but it does not mean the current upward move is over.
After the price completes a downside correction, it is likely to bounce back above $165 and $170. A clear break above the $170 level might open the doors for more upsides towards the $180 resistance area.
Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal.
- Resistance levels: $170, $175, $180
- Support levels: $164, $160, $165
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.