Ethereum (ETH) Price Today (January 28): Latest Updates and Predictions
|Ethereum (ETH) Price today January 28. Photo: Microsoft|
Ether is currently showcasing 30-day gains of over 110%
After hitting an all-time high of $1,450 a few days ago, the second-largest cryptocurrency by total market cap experienced some pullback to settle down around the $1,370 range.
One of the most notable aspects of ETHs latest run is that it has exhibited 30-day gains of nearly 115% as compared with Bitcoin's gains of around 23% over the same time period.
As a result, it now seems as though Ether is fast moving out of Bitcoin's shadows and is starting to exhibit independent market movements that may have a direct effect on the value of other decently capped altcoins available in the market today.
Providing his thoughts on Ether's growing dominance, Chandler Song, co-founder of Ankr, a Web3.0 platform as well as Defi solution for eth2.0, told Finder that while Bitcoin will remain the clear alpha of the crypto space, Ether's rise as an independent crypto asset will inevitability continue to garner momentum.
Ethereum's rally is highly value-driven rather than speculation based
It is worth recalling that during the 2019 bear cycle, ETH was one of the worst-hit large-cap cryptocurrencies, falling by a whopping 85% at one point in relation to BTC (even dropping to the $80 mark), thus leading to fears that the project may have finally hit a dead end. That being said, the ongoing surge seems to largely be the result of a dedicated Ethereum community spending 3 long years building the project's ecosystem even in the face of continuous ups and downs.
In this regard, the research team at Santiment, a market intelligence platform for cryptocurrencies, has suggested that Ethereum's recent development activity has showcased a direct correlation with its value, thus suggesting that the aforementioned de-coupling hype is rooted in hard facts and not just wishful thinking. On the subject, Rafael Cosman CEO & Co-Founder of TrustToken told finder:
Ethereum Price Analysis January 27, 2021
Ethereum slid by 1,04% on Wednesday. Partially reversing a 3,79% rail form Tuesday, Ethereum ended the day at $1,269.35. A bullish start to the day saw Ethereum rally to an early morning intraday high of $1,343.26 before hitting reverse.
Falling short of the first major resistance level at $1,432, Ethereum fell to a late afternoon intraday low of $1,278.75. Finding support at the first major support level at $1,249, Ethereum struck a late high of $1,309.28 before easing back.
At the time of writing, Ethereum was down by 3,32% to $1,270.72. A mixed start to the day saw Ethereum rise to an early morning high of $1,308.64 before falling to a low of $1,270.49. Ethereum left the major support and resistance levels untested early on.
|Photo: Coin Desk|
Ethereum Forecast and ETH/USD Analysis January 28, 2021
An additional signal in favor of raising the ETH/USD quotes will be a test of the trend line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the ascending channel. Cancellation of the option for the growth of the cryptocurrency will be a fall and a breakdown of the level of 935.05. This will indicate a breakdown of the support area and a continued fall in ETH/USD quotes below the level of 715.05. With the breakdown of the resistance area and closing of quotations above the level of 1595.00, we should expect confirmation of the development of the rise in Ethereum.
Ethereum Forecast and ETH/USD Analysis January 28, 2021, implies an attempt to correct and test the support area near the level of 1145.05. Where can we expect a rebound and continued growth of the ETH/USD cryptocurrency to the area above the level of 1575.05? An additional signal in favor of the rise of Ethereum will be a test of the trend line on the relative strength index (RSI). Cancellation of the growth option for the digital currency will be a breakdown of the 935.05 area. This will indicate a continued fall with a potential target below the level of 715.05.
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