BNB and IOTA on record hunt, Ethereum is fighting its way north

The price developments of BNB and IOTA are extremely bullish this trading week and are rising significantly to the north. Although Ethereum cannot lag behind that much, it still has the important milestone of USD 2,057 in its sights. The Altcoin Market Analysis.

Ethereum (ETH): Ethereum has 2.056 USD in mind
Price (ETH): 1,925 US dollars (USD) (previous week: 1,780 USD)
Resistances / Targets: $ 2,056, $ 2,809, $ 3,274, $ 3,562, $ 4,315, $ 5,068
Supports: USD 1,880, USD 1,715, USD 1,590, USD 1,482, USD 1,425, USD 1,377, USD 1,303, USD 1,223, USD 1,126, USD 1,042, USD 922, USD 837
Price analysis Ethereum (ETH) week 07.
Price analysis based on the value pair ETH / USD on Bitfinex .

In the course of the bull rally on the market as a whole, the ether price can also continue to rise and is approaching the USD 2,057 mark that has been repeatedly raised in the last analyzes. To what extent the announced hard fork of the beacon chain on Ethereum could affect the share price remains to be seen.

Bullish variant (Ethereum)

Other altcoins are currently making the running. However, Ethereum is also gradually rising further north. Interest in the DeFi sector is fueling the price increase this week as well. The ether price is also moving this week above the first important sliding support EMA20 (red), which is currently at USD 1,715. The important first price target in the form of the 261 Fibonacci extension at USD 2,056 is within reach and should be started soon. This price mark also corresponds very well with the red price-limiting upward trend line. If there is no significant profit-taking and the Ether price can also dynamically overcome this resistance level, the next price target is activated at USD 2,809. This is where the 361 Fibonacci extension of the superordinate movement is found.

Investors should again profit from this projected resistance. If the ether price rises again northwards after a brief consolidation and breaks the 361 Fibonacci extension, price targets at USD 3,274 and USD 3,562 come into focus. In particular, USD 3,562 will be relevant in the coming months, as the important 461 Fibonacci extension runs here. A consolidation up to USD 2,809 would be very important for the sustainability of the increase. If the price rally on the crypto market remains intact, the Ether price could even rise to the 561 Fibonacci extension at 4,315 USD in the first half of 2021. For now, the maximum bullish price target for 2021 can still be seen on the 661 Fibonacci extension at USD 5,068.

Bearish variant (Ethereum)

If the ether price bounces down in the area of ​​USD 2,057 or earlier and breaks the support at USD 1,880, the EMA20 (red) first comes into focus. This currently runs at 1,715 USD. If this chart mark does not stop, Ethereum should initially correct to USD 1,590. The 200 Fibonacci extension and the supertrend in the daily chart run here. If the USD 1,590 is also dynamically undershot as a result, a correction to the important support area between USD 1,482 and USD 1,425 is to be expected. Bullish investors are likely to make new purchases here and move Ethereum back towards USD 1,715 and above. However, if this range is undercut by the daily closing price, a fallback to USD 1,377 should be planned. This price mark acted as a resistance level several times in the past.

If this chart level is also abandoned, the support levels at USD 1,303 and USD 1,223 will come into focus. At these supports, the cops will again want to take the helm. If the bears manage to break through this price level dynamically, a correction extension to the low of the last 20 days at USD 1,042 is likely. If the USD 1,042 is also undershot, this represents a trend break. Further selling pressure would be the result. The Ether price should then fall back to the USD 922, the price low of January 11th. Persistent weakness in the overall market would activate the maximum bearish price target at USD 837. This cross support from the high of the year 2018 as well as the eruption level of the current rally movement again as strong support.