Ethereum Price Analysis: Rally Pauses But Not Likely Over

January 17, 2023

Ethereum price is rising above the $1,450 level against the US Dollar. ETH/USD could rise further if it clears the $1,600 resistance zone.

Ethereum Price Analysis

In the past few days, ethereum saw a strong increase above the $1,350 level against the US Dollar. ETH price was able to gain pace for a move above the $1,450 level and the 55 simple moving average (4-hours).

The bulls even cleared the $1,500 resistance zone. The price even spiked above the $1,600 level and formed a high near the $1,603 level. It is now consolidating gains above the $1,500 level. It is consolidating near the 23.6% Fib retracement level of the upward move from the $1,322 swing low to $1,603 high.

It is now trading above $1,450 and the 55 simple moving average (4-hours). An immediate resistance on the upside is near the $1,580 level. The next major resistance is near the $1,600 zone.

Any more gains could even send the price towards the $1,650 resistance zone in the near term. On the downside, an initial support is near the $1,540 level. There is also a key bullish trend line forming with support near $1,540 on the 4-hours chart.

The next major support is now near the $1,500 level. The main support is near the $1,460 level or the 50% Fib retracement level of the upward move from the $1,322 swing low to $1,603 high.

A break below the $1,460 support could push the price to $1,350. Any more losses could lead the price towards $1,300 or even $1,220 in the coming days.

Ethereum Price

Looking at the chart, Ethereum price is clearly trading above the $1,450 zone and the 55 simple moving average (4-hours). Overall, ether price could climb further if it clears the $1,600 resistance zone.

Technical indicators

4 hours MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now above the 50 level.

Key Support Levels – $1,540, followed by the $1,460 zone.

Key Resistance$ Levels – $1,600 and $1,650.

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