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Bitcoin (BTC) has made a comeback to alleviate concerns of further declines, now trading above $41,500. At the time of writing, the price has surpassed its daily peak and, although not making significant gains, it may support higher levels and aid in the recovery of altcoins.
Ethereum (ETH)
On the weekly chart, the price of ETH has been targeting higher levels by following a rising support trend line since July. Despite intermediate corrections, it has managed to bounce back from the support zone. The latest recovery in October increased the pace of price gains. Afterwards, in November, it broke out of the horizontal region and surpassed the 1000-day support/resistance area.
Except for a deviation in April, ETH price had not surpassed this key area. The excitement over the spot ETH ETF was sufficient as a clear sign of a turnaround. On the other hand, significant updates on the network also increased investors’ risk appetite by balancing transaction fees.
ETH price reached an important peak on January 11, hitting $2,717 before falling again and forming a weekly bearish candle. The weekly RSI confirms the downward trend.
ETH Price Prediction
While the popular crypto commentator InmortalCrypto points to a continuation of the short-term decline, he wrote that a stable period of increase is likely to start soon. Another analyst, Michael Poppe, stated that the ETH price will gain value against Bitcoin (BTC). ETH price has been weak against BTC for a long time, and Poppe wrote:
“Momentum towards ETH is likely to come in the next few weeks. The arguments;
Bitcoin bottoming out is a trigger for altcoins to start a new run.
Ethereum Spot ETF hype.
Ethereum has initiated new upgrades to reduce costs by 90%.”
CredibleCrypto, on the contrary, wrote that the decline against BTC will continue and the bottom has not yet been seen. As on the weekly chart, the decline is likely to continue due to the RSI and technical outlook on the daily chart as well.
On January 23, ETH lost its nearly three-month trend line. This break was confirmed as the RSI dropped below the neutral zone.
For now, the altcoin king is maintaining the $2,200 support. If it continues its downward movement, it could drop to $1,980, a 11% loss. However, a strong bounce from the current support could indicate a return to the $2,400 trend line.
