ETH Price Prediction – January 31
The Ethereum price is on the verge of a breakdown to $1000, mostly if the support at $1200 fails to hold
ETH/USD Market
Key Levels:
Resistance levels: $1600, $1700, $1800
Support levels: $1100, $1000, $900
ETH/USD is in the middle of a retreat that could soon touch $1200 following a failed attempt to recover to $1500. The coin is teetering at $1311 amid fresh declines from the recent rejection at $1382. ETH/USD might complete the bearish leg to $1200 if a crucial support area is depressed. Similarly, the technical indicator RSI (14) nosedives towards the south.
What to Expect from ETH/USD
The bearish outlook may be abandoned if Ethereum closes the day above $1300 and perhaps reclaim the ground past $1500. Meanwhile, the 21-day moving average seems to be holding the fort, allowing bulls to flex their muscles. This zone, in conjunction with the immediate support at $1200, must hold to ensure that potential losses to $1150 are averted. In addition, if the coin drops below the lower boundary of the channel, it could hit the supports at $1100, $1200, and $1400.
Moreover, it is worth noting that, the bearish outlook could be invalidated if Ethereum defends the immediate support area. However, the upward price action might push the price of Ethereum above the upper boundary of the channel. Meanwhile, trading above $1500 is likely to encourage more buyers to join the market, thereby pulling the price to the potential resistance levels of $1600, $1700, and $1800.
When compares with Bitcoin, the Ethereum price is seen moving downward as the pair trades below the 9-day moving average. The price started falling and the RSI (14) indicator nosedives towards the 60-level, which might be considered as more downtrends for the market.
On the other hand, ETH/BTC may continue to decline if the bears put more pressure on the buyers. Therefore, any further bearish movement may bring the price below the lower boundary of the channel to hit the support levels of 3100 SAT and below. Meanwhile, if there is a rebound, the Ethereum price may likely go up to cross above the upper boundary of the channel to hit the resistance level of 4500 SAT and above.
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