Price Analysis

Ethereum Poised to Test $3700 at the Earliest While the Bull-Bear Power Oscillating to Hit Extreme Ends!

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Jan 15, 2022

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Highlights

    Ethereum price maintains a notable bullish momentum and hovers beyond the crucial levels around $3300 after bouncing off from $3290 levels

    The bulls appear to have absorbed decent strength and due to which, the price may undergo significant uptrend throughout the weekend

    The uptrend may further uplift the price towards the huge supply zone which hovers in between $3600 to $3800 price zone

The dominant crypto Bitcoin is making a notable move since the early trading hours and hence the top 2nd crypto,Ethereum, is also intending to undergo a notable rally. Ethereum price after flipping from the crucial support at $3279 is gearing up to test the immediate upper resistance around $3400. Moreover the volume is also in favour of the bulls which inturn indicates the price to get a notable push in the next couple of hours.

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The ETH price remained strongly above $3000 levels amid a couple of pullbacks showcasing a huge tendency to remain within a bullish trend. Currently, the asset has witnessed nearly 13% jump from its lows below $3000 and poised to surge another 4% to 5% to close the day’s trade on a bullish note. Yet the important hurdle to cross would be to cross the 200-day MA levels which reside at $3460 levels. Beyond which the asset may try to cross the $3500 levels to test the $3700 levels. 

The continuation of the uptrend may end up ETH retesting the 200-day MA at $3460 levels. No doubt these levels are pretty crucial and would require a significant amount of buying pressure to surpass.Yet the strong resistance levels hovers around $3675 to $3862 which also can be seen as a notable supply zone which may be tested in the coming days.

 However, the probabilities of a slight correction may hover at these ranges are pretty high and the plunge may not be massive as the asset could eventually surpass $4000 in the upcoming fortnight. On the contrary, if ETH falls prey to the bears, the asset from the current levels may fall back to $3100 levels or may even revisit the levels around $2900 before making the next move. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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