Ethereum Price Continues To Surge As It Nears Profit-Taking Region - Forex News by FX Leaders

Ethereum Price Continues To Surge As It Nears Profit-Taking Region

Posted Tuesday, January 24, 2023 by
Arslan Butt • 1 min read

Since BITCOIN surpassed the $20,000 milestone, the price of Ethereum has risen significantly. In the last 24 hours, ETH’s chart has barely moved down, which shows that the price has been stable. Last week contributed to a 6% increase in the price of Ethereum.

The coin finally broke through its consolidation at the $1,500 price level and has steadily risen. The coin’s technical outlook has suggested to further bullishness on the chart. Since Ethereum’s price breached $1,500, accumulation has surged significantly. Because ETH was overbought and overvalued, a price reversal cannot be ruled out just yet. Currently, Ethereum has a support level of $1,600. The following market correction may provide traders with purchasing chances.

A price fall is unlikely in the coming trading sessions because demand for the coin remains relatively high on the chart. The price of Ethereum may continue to rise before retracing. Ethereum’s market capitalization climbed, indicating that buying sentiment remained strong.

At the time of writing, ETH was trading at $1,620. The coin’s immediate resistance barrier was $1,690, corresponding to the 50% Fibonacci retracement level. A move above $1,690 will allow Ethereum to break above the $1,700 barrier.

The $1,700 price level is critical, as striking or breaking this level might signal ongoing positive momentum for the cryptocurrency.

If the $1,700 price level is breached, ETH might rise above $2,000 per coin. This area will serve as a profit-taking zone for traders.

If the bullish momentum weakens, the first fall would be at $1,600, followed by $1,520. The quantity of Ethereum traded in the previous session was red, indicating a decrease in buying.

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