Ethereum ETHUSD still hovering around $180, lacks consolidation
The Ethereum Project token ETH followed the general crypto trend on Sunday, January 26 and climbed up to $167, gaining 4 percent. It successfully survived a three-day long attack on the $160 line, which proofed to be a solid support zone in the mid-term. The coin remained flat on a weekly basis.
The ETH/USD pair opened the new trading period on Monday by forming its second consecutive green candle on the daily chart. The leading altcoin moved up to $169 escaping from the downtrend that was started on January 19 after bulls were rejected at $180.
On Tuesday, January 28, the ether gained 3.5 percent and climbed to $175 as buyers were already eyeing the 2020 high at $180 and the $180 - $190 zone.
The third day of the workweek came with a small correction as ETH could not reach $180. It rejected near $179 and fell down to $173 at the end of the session.
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The ETH/USD pair opened the new trading period on Monday by forming its second consecutive green candle on the daily chart. The leading altcoin moved up to $169 escaping from the downtrend that was started on January 19 after bulls were rejected at $180.
On Tuesday, January 28, the ether gained 3.5 percent and climbed to $175 as buyers were already eyeing the 2020 high at $180 and the $180 - $190 zone.
The third day of the workweek came with a small correction as ETH could not reach $180. It rejected near $179 and fell down to $173 at the end of the session.
- Trading volumes increased by 50 percent since Sunday, January 26 and reached $15 billion on Wednesday.
- We are still above all 4 EMAs both slow and fast including 100-day EMA
- Bulls will have to avoid a drop go $160 and consolidate to finally break above and confirm $180
- Bears, on the other hand, will need a strong red candle combined with a high volume to push below $160.
For more details, check my previous ideas (I publish every two days) and subscribe, so you can follow my updates.
Comment:
Consolidation above $180 is not possible at the moment as ETH was rejected near $184. Still, let see how it goes from here and if bulls manage to avoid a drop below $170 today.