Ethereum Price Analysis: Tuesday’s spinning top tests ETH bulls bracing for fresh record top around $2,000


  • ETH/USD rises for third day in a row, probes intraday high off-late.
  • Tuesday’s candle suggests the buyers are tired, overbought RSI also challenges further upside.
  • Two-week-old rising trend line lures the bulls, 10-day SMA restricts immediate downside.

ETH/USD rises to $1,793, up 1.20% intraday, during early Wednesday. The cryptocurrency pair refreshed an all-time high the previous day before easing from $1,824.53. In doing so, the altcoin marked the buyers’ exhaustion via daily candlestick.

Other than the candlestick formation showing a battle of the bulls and the bears, overbought RSI conditions also raise doubts on the ETH/USD upside.

As a result, intraday sellers may take risk of entry if witnessing a downside break of the nearby support, namely a 10-day SMA of $1,648.50.

However, the previous month’s top near $1,477 and the monthly low around $1,270 can test the bears afterward.

Meanwhile, an upside clearance of Tuesday’s high will direct ETH/USD buyers to an ascending resistance line from January 25, currently around $1,895.

It should, however, be noted that the quote’s sustained run-up past-$1,895, may not hesitate to confirm the market chatters favoring the $2,000 as the next price.

ETH/USD daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price 1786.31
Today Daily Change 14.15
Today Daily Change % 0.80%
Today daily open 1772.16
 
Trends
Daily SMA20 1450.15
Daily SMA50 1173.9
Daily SMA100 854.85
Daily SMA200 616.51
 
Levels
Previous Daily High 1824.23
Previous Daily Low 1710.01
Previous Weekly High 1763.93
Previous Weekly Low 1271.31
Previous Monthly High 1477.3
Previous Monthly Low 715.22
Daily Fibonacci 38.2% 1780.6
Daily Fibonacci 61.8% 1753.64
Daily Pivot Point S1 1713.37
Daily Pivot Point S2 1654.58
Daily Pivot Point S3 1599.15
Daily Pivot Point R1 1827.59
Daily Pivot Point R2 1883.02
Daily Pivot Point R3 1941.81

 

 

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