ETH Price Prediction – January 3
Ethereum (ETH) kicked off its rally with a break above the key resistance level around $750 as the coin continues to spike higher.
Resistance levels: $1050, $1100, $1150
Support levels: $700, $650, $600
At the time of writing, ETH/USD is up 18.17% at its current price of $916. If the price breaks towards $1000, the bulls may use the opportunity to drive another bull run. Meanwhile, in the past 24 hours, Ethereum has been following the trend of its counterpart first digital asset BTC and has generally been increasing in the New Year. Its lowest point remains at $770, whereas the highest price it touches is $978 before returning to its current price of $916.
What to Expect from Ethereum (ETH)
In the last two days, Ethereum has moved from $715 to $978 and at the same time moving to cross the upper boundary of the channel at the time of writing. The on-going trend may move a little bit higher to hit the 4-digit price at $1,000. If the bulls put more effort, ETH/USD may likely reach the resistance levels of $1050, $1100, and $1150 respectively.
On the other hand, a bearish drop may drag the market back to the initial support level of $750. Meanwhile, the support levels to watch are $700, $650, and $600. The trading volume continues to increase as the RSI (14) is extremely at the overbought zone and this could supply more bullish signals into the market.
Against Bitcoin, Ethereum is now trading above the 9-day and 21-day moving averages within the descending channel as the price is changing hands at 2845 SAT while the technical indicator RSI (14) spikes above the 50-level. However, the daily chart reveals that the buyers may begin to dominate the market as the pair seems to break above the channel.
Nevertheless, the resistance levels to be reached are 3100 SAT and above. Conversely, a lower sustainable move may likely cancel the bullish pattern and it could attract new sellers to the market with the next focus on 2100 SAT and 2000 SAT support levels.