FX.co ★ Technical analysis of ETH/USD for January 28, 2021

Predictions and analysis of Ethereum (Cryptocurrency) :

Ethereum is at an all-time high against the dollar around the spot of $ 1,3337 - $ 1,375 - Ethereum is inside in upward channel.

Closing above the major support ($ 1,1272) could assure that ETH/USD will move higher towards cooling new highs.

Ethereum is continuing rising by market cap at 14% in a day, 28% in a week, and 118% in a month, and is trading at $ 1,340 after it reached $ $ 1,1478 earlier.

Ethereum has been set above the strong support at the price of $ 1,1272, which coincides with the 23,6% Fibonacci retracement level.

This support has been rejected three times confirming the veracity of an uptrend.

The market is likely to show signs of a bullish trend around the spot of 1,1272. Buy orders are recommended above the area of $ 1,1478 with the first target at the price of $ 1,1419; and continue towards 0.6766 in order to test the last bullish wave.

On the other hand , if the ETH/USD fails to break through the resistance price of $ 1,375 today, the market will decline further to $ 1,1208.

• As we know that :
• 1 BTC ---> $ 32,000 approximately
• 1 ETH ---> $ 1,350 approximately
• So, 1 ETH ---> 0.0421 BTC.
• However, one Ethereum is only worth 0.0421 Bitcoin (January 28, 2021).

Trading recommendations :

The trend is still bullish as long as the price of $ 1,208 is not broken. Thereupon, it would be wise to buy above the price of at $ 1,208 with the primary target at $ 1,419. Then, the ETH/USD pair will continue towards the second target at $ 1,478 (a new target is around$ 1,478).

Alternative scenario :

The breakdown of $ 1,208 will allow the pair to go further down to the prices of $ 1,125 and $ 1,050.

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Crypto industry news (Ethereum News - (Source : cryptonews)) :

• Ethereum Needs To Clean Its Value Proposition - Coinbase.
• ETH outperformed BTC in a month and a year - 107% to BTC's 17%, and 702% to BTC's 274%, respectively - but it has also been more volatile, which can partly be explained by its shorter life and smaller market capitalization compared to bitcoin (USD 152bn vs. USD 599bn), according to Coinbase. At 11:25 UTC Tuesday morning, ETH was trading at USD 1,329, having decreased following yesterday's all-time high. It dropped 5% in a day and 4.6% in a week. Meanwhile, bitcoin dropped 3% in a day and 13% in a week to USD 32,205.
• Ethereum (ETH) prices have continued to bump along without any real momentum in either direction, with the market seemingly unmoved by news of social media giant Reddit's latest deal with the Ethereum Foundation.
• At the time of writing (09:21 UTC), ETH trades at USD 1,270 and is up by 1% in a day and 1.5% in a week.