Ethereum Price Prediction – January 10
The Ethereum price prediction shows that ETH slides below the key supports as the market price may continue to move down.
ETH/USD Market
Key Levels:
Resistance levels: $3400, $3600, $3800
Support levels: $2700, $2500, $2300
As the market opens today, after touching the high of $3180 level, ETH/USD has been dropping with a bearish bias. The coin opens at $3151, and it is currently dropping towards the support level of $3000. However, Ethereum price did start a nasty decline and has been breaking many supports near $2900. The price could correct higher, but it is likely to face sellers below the lower boundary of the channel.
Ethereum Price Prediction: What to Expect from Ethereum (ETH)
At the time of writing, the Ethereum price is breaking to the downside and the coin is likely to breakdown heavily to gain more downtrends. However, the Ethereum price is currently hovering at $3026 as the coin prepares to cross below the channel one more time. As a matter of fact, should it spike below the lower boundary of the channel, the critical support levels of $2700, $2500, and $2300 may be tested as the technical indicator Relative Strength Index (14) moves within the oversold region.
Nevertheless, ETH/USD could either recover above $3200 or extend its decline towards the support level of $2800. On the upside, the next major resistance is near the $3300 level. Meanwhile, the price needs to climb above the $3400, $3600, and $3800 resistance levels to move back into a positive zone. If not, there is a risk of more downsides below the channel.
When compares with Bitcoin, the daily chart reveals that the Ethereum price is sliding below the 9-day and 21-day moving averages around the 7339 SAT. If the price crosses above the moving averages, there is a possibility that additional benefits may be obtained in the long term. The next resistance key above this level is close to the 7600 SAT level. If the price rises, it could even break the 7900 SAT and above in future sessions.
However, if the bears continue to push the price below the lower boundary of the channel, 7200 SAT support may play out before rolling to the critical support at 7000 SAT and below. The Relative Strength Index (14) is moving below the 40-level, suggesting more bearish signals.
Looking to buy or trade Ethereum (ETH) now? Invest at eToro!
68% of retail investor accounts lose money when trading CFDs with this provider
Credit: Source link
