Ethereum rallied during the week ending 1/31/21, initially falling to the $1,200 level before quickly finding support and rallying up to a new high around $1,467 before settling the weekly candle just below $1,400. ETH continues to knock on the door of major resistance around $1,400 which has been under significant pressure by ETH as it looks primed to break higher any day now.
(January 31, 2020 7:30 PM EST)
Outlook: Ethereum rallied last week, finding support at the $1,200 level and printing a higher low and higher high on the week in a continuation of the ascending bullish channel that looks about to burst to the upside. Ethereum has been gaining against bitcoin recently and, as you can see in the ETH/BTC chart below, Ethereum has been gaining against Bitcoin, last week breaking out above the 0.04 resistance level for a few days before pulling back to the 0.04 level where it is currently trading. If we get an impulsive bullish candle higher, that will spark a bullish breakout on both the E-USD chart and the ETH/BTC chart. Such a breakout, which could start as early as this week, could take ETH to the 0.06 ETH/BTC level which, at the current Bitcoin price, would price ETH at just around $2000.
From my perspective, which is predicated heavily on fundamental and technical data as shared with all of you, all signs indicate it's probably wise to buy ETH or earn ETH now before prices continue to ascend in dramatic throughout the rest of 2021 and further.
Support: Look for immediate support around $1,200 and then stronger support around $1,000. We have our higher lows.
Resistance: It all comes back to $1,400, the previous ATH and marginally underneath the new/current ATH around $1,467, which is a completely arbitrary number. This wall could break at any moment on bullish news or simply continued bullish market supply and demand.
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