On Tuesday, January 19, ETH rallies and is trading near $ 1,410.
On the daily chart, the ETH / USD pair is updating its maximum values. At this stage, we can expect that the quotes will rise to the 100% Fibonacci level. Having tested it, they can form a correction and further continue the upward trend. The histogram of the MACD indicator is still above the zero mark, which is an additional signal in favor of the growth of quotes. In the near future, the development of the trading situation may be accompanied by a rollback, upon completion of which the upward dynamics will resume. The target reference for growth is the nearest resistance level – $ 1420.
The pair on the 4-hour timeframe shows a picture similar to the daily chart: quotes are growing within the boundaries of the ascending channel. After the formation of the next rollback, the coin has every chance of resuming the upward trend. The Stochastic indicator is moving towards the overbought zone, where it may soon form a “Black Cross”, giving an additional signal for a correction before continuing to grow. The target reference point for price strengthening (as on the higher timeframe) is the $ 1420 mark, says Dmitry Gurkovsky, Lead Analyst at RoboForex.
The Ethereum rate may grow to $ 3000 in the future, according to the Moonrook Capital fund. As observers suggest, within, for example, two weeks, ETH is able to double in price and renew its historical highs.
Many people draw analogies with the BTC rate. And if ETH manages to jump up, it could pull the entire altcoin market with it. Over the past 12 months, the ETH rate has grown by 622% – a colossal figure considering the duration of the previous stagnation.
The catalyst for further growth in ETH can be, for example, the listing on the CME exchange of a futures contract for a token – Ethereum intends to hold it in early February of this year. The appearance of the instrument on the Chicago Stock Exchange can attract new financial flows to ETH. This is a positive factor for the steady growth of prices in the future.
Financial market forecasts are the private opinions of their authors. The current analysis is not intended to be a guide to trading. RoboForex and ihodl are not responsible for the results of work that may arise when using trading recommendations from the presented reviews.