Ethereum (ETH) Price Today (January 27): Latest Updates and Predictions for Next Week
|Ethereum (ETH) Price updated in real-time. Photo: Currency|
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Here is the Bitcoin price updated by the second. As of now, 1 Ether is priced at $ 1,307.56
|Photo: Coin Desk|
Ethereum explodes 21% in just one day to secure a new all-time high past $1,470 - and analysts expect it to double in the next two weeks
The price of Ethereum set a new all-time high, exploding by as much as 21% in 24 hours to trade above $1,470 on Monday. The price hit $1,473, topping its previous record of $1,439 set last week, before settling around $1,396 in early European trading.
The record high came on the seven-year anniversary of the day that Vitalik Buterin, a Russian-Canadian best known for being Ethereum's main developer, announced the cryptocurrency's launch on a bitcoin forum in 2014.
The world's second-largest cryptocurrency, with a market cap of $160 billion, has risen on 90% a year-to-date basis, outpacing bitcoin's 10% raise, as cited by Business Insider.
But Ethereum's rally is expected to match the momentum in bitcoin's. Analysts at Galaxy Trading expect the price to trade as high as $3,000 in the next few weeks. Comparing Bitcoin and Ethereum's rally, the analysts noted a similar pattern of limited price momentum followed by a major breakout.
Ether has also been seeing massive trading volumes on ZebPay, India's oldest and most widely-used bitcoin and crypto asset exchange.
"Ether tends to follow bitcoin," said Rahul Pagidipati, CEO of ZebPay. "Now that Bitcoin has hit record highs and is consolidating, investors are adding ether. Together they constitute about 80% of the total crypto market cap and are the biggest on ZebPay."
Another popular cryptocurrency analyst, Lark Davis, expects Ethereum to double in the next two weeks just "like bitcoin did."
Ethereum has gained 1,200% in value since the March 2020 coronavirus-induced market crash, compared with a 700% increase in the value of bitcoin. In 2020, the Ethereum network saw over $1 trillion worth of transactions on its blockchain - exceeding the transaction volumes of payment platforms such as PayPal.
Ether price prediction: January 27 to February 2
Let’s do the Ether price analysis of the weekly chart to see if we spot a long-term trend. Thereafter, let’s study the daily chart and do the Ether price prediction for the period January 27 to February 2.
Weekly Ether price chart
Ether dipped below the critical support at $157.36 last week but the bears could not capitalize on the breakdown. This shows that buyers are keen to jump in at lower levels. The bulls will now attempt to push the price to the 50-week SMA.
This level is likely to act as a stiff resistance once again. However, if this level is scaled, the ETH to USD pair is likely to pick up momentum and rally towards its target objective of $239.30. The up-move might face resistance at $200 and again at $223 but we expect these levels to be crossed.
Conversely, if the bounce fails to rise above the 50-week SMA, the pair might remain range-bound for a few more weeks. Our bullish view will be invalidated if the price turns down from the current levels and plummets below the $157.36 to $155.15 support zone.
Ethereum price prediction on Wednesday, January, 27: minimum price $1234, maximum $1420, and at the end of the day price 1327 dollars a coin.
ETH to USD predictions on Thursday, January, 28: minimum price $1158, maximum $1332, and at the end of the day price 1245 dollars a coin.
Ethereum price prediction on Friday, January, 29: minimum price $1343, maximum $1545, and at the end of the day price 1444 dollars a coin.
ETH to USD predictions on Monday, February, 1: minimum price $1347, maximum $1549, and at the end of the day price 1448 dollars a coin.
Ether price analysis of the weekly chart points to a state of indecision. Let’s do the Ether price analysis of the daily chart to see if we spot any bullish setups.
Daily ETH to USD chart
Though Ether dipped below the downtrend line on January 24, the bears could not sustain the lower levels. The long wick on the candlestick on that day shows strong buying by the bulls on dips.
The failure of the bears to break below the support again on January 25 attracted buying and the price recovered sharply on January 26. There is a minor resistance at $171.13, above which a move to $179.29 is possible.
A break above $179.29 is likely to resume the uptrend and carry the price towards its next target objective of $200. The upsloping moving averages and the RSI in the positive territory suggest that bulls have the upper hand.
Our bullish view will be negated if the price turns down from the current levels and plunges below the critical support at $157.36. If the price sustains below this level, a drop to the uptrend line at $140 is likely.
|Ether price prediction for January 27 to February 2: How to trade it |
As the price has bounced off the strong support at $157.36, the traders can hold their long positions and trail the stop loss to $140, as cited by Currency. Partial profits can be booked if the price fails to break out of the overhead resistance a $180.
For more information about cryptocurrencies, price, predictions in 2021, check out KnowInsiders regularly!
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