Ethereum (ETH) Price Today (January 31): Best Analysis and Forecast
Ethereum (ETH) Price Today (January 31). Photo: Converge

Daily analysis of Ethereum price - January 30, 2021

Ethereum rose by 3.47% on Friday. Following on from a 7.46% rally on Thursday, Ethereum ended the day at $1,379.87.

A mixed start to the day saw Ethereum fall to an early morning intraday low of $1,286.56 before making a move.

Steering clear of the first major support level at $1,248, Ethereum rallied to an early afternoon intraday high of $1,442.88.

Ethereum broke through the first major resistance level at $1,391, before a late pullback.

Coming within range of the second major resistance level at $1,449, Ethereum slid to $1,332 levels and into the red, as cited by Yahoo Finance.

Finding late support, however, Ethereum bounced back to $1,410 levels before ending the day at sub-$1,380 levels.

52.5 million Ethereum wallets are making money

Most Ethereum holders are obviously having a lot to laugh about. This is because over 52 million wallets are now in a state of profit. In other words, the current price is higher compared to the price point at the time the coins were last kept in those wallets, Nairametrics cites.

Data retrieved from Glassnode, a crypto analytic company revealed Ethereum Number of Addresses in Profit (7d MA) just reached an all-time high of 52,471,986.

Metric Description: The number of unique addresses whose funds have an average buy price that is lower than the current price. “Buy price” is here defined as the price at the time coins were transferred into an address.

What this means: The prevailing bullish trend in the flagship utility crypto asset has to do with ETH 2.0 launch which is a major catalyst. Every phase of ETH 2.0 over the next 2-3 years brings ETH closer to its final state and will be catalysts for Ethereum.

At the time of drafting this report, Ethereum traded at $1,350.27 with a daily trading volume of $27.2 billion. Ethereum is up 0.08% for the day. That said, the number of whale wallets holding 10,000 Ether, some days ago reached a 13-month high.

Ethereum (ETH) Price Today (January 31): Best Analysis and Forecast
Photo: Twitter

Since the start of 2021, 35 new $ETH whale addresses have been created, controlling $447 million combined meaning institutional investors are significantly responsible for the bullish trend in play at the second most valuable crypto asset.

Ethereum Forecast and ETH/USD Analysis January 31, 2021

Ethereum would need to avoid a fall through the pivot level at $1,370 to support a run at the first major resistance level at $1,453.

Support from the broader market would be needed, however, for Ethereum to break out from Friday’s high $1,442.88.

Barring an extended crypto rally, the first major resistance level and swing hi $1,477.30 would likely cap any upside.

In the event of another extended crypto rally, Ethereum could test the second major resistance level at $1,526.

Failure to avoid a fall through the $1,370 pivot would bring the first major support level at $1,297 into play. Barring an extended sell-off, however, Ethereum should steer clear of sub-$1,200 levels. The second major support level at $1,214 should limit the downside.

Cryptocurrency Ethereum Forecast February 1 — 5, 2021

An additional signal in favor of raising the ETH/USD quotes in the current trading week on February 1 — 5, 2021 will be a test of the support 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 growth option for the value of the cryptocurrency in the current trading week will be a fall and a breakdown of the level of 785.05. This will indicate a breakdown of the support area and a continued fall in ETH/USD quotes with a potential target below the level of 565.05. Confirmation of the growth of the Ethereum cryptocurrency will be the breakdown of the resistance area and closing of quotations above the level of 1545.05.

Cryptocurrency Ethereum Forecast February 1 — 5, 2021 implies an attempt to test the support area near the level of 1095.05. Where can we expect a rebound and continued growth of the cryptocurrency to the area above the level of 1865.05.

An additional signal in favor of a rise in the Ethereum rate will be a test of the support line on the relative strength index (RSI). Cancellation of the growth option will be a fall and a breakdown of the 785.05 area. In this case, we should expect a continuation of the decline with a target below the area of ​​565.05.

* For more daily predictions of bitcoin and other cryptocurrencies, please click here!

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