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Bitcoin price will continue to fluctuate in the range of $35,500 – $37,500 yesterday and even showed a slight growth at 3%. However, trading volumes continue to decline, as well as the activity of participants in the market. We conducted a detailed analysis of the Bitcoin chart yesterday, and today we will talk about altcoins.
Monday has certainly become an altcoin day. Their average growth was about 10%. This is especially interesting for Ethereum. At the end of last week, we predicted that the price of ETH in the next 2-3 days will reach $1,350 and we were right. Let’s see what to expect from the coin this week.
Ethereum is as close as possible to the local maximum at the current moment. The chart clearly shows that at first the price hit the middle Bollinger line, and then bounced up from it and goes towards the upper Bollinger line. At the moment, the upper Bollinger line coincides with the Ethereum ATH.
You can also see that the indicators on the chart are unloaded and have a range for further growth.
All this indicates that in the coming days, buyers will storm ATH, which is at $1,450. At the same time, the main resistance is now at $1,350, which buyers could not take the first time.
In the event that the Ethereum price is set by ATH, its price can quickly rise to $1,500. Most likely, it will stop here, since many participants will be fixed positions near this mark. Therefore, it will not be possible to break through the first time.
But after that, the news background will be saturated with the main event of February for Ethereum – the listing of an ETH futures contract on the world’s largest commodity exchange CME. This will significantly attract the attention of the public, which knows little about cryptocurrency.
They will want to buy ETH before they go to CME and will come to crypto exchanges. As a result, they can put strong pressure on sellers and the price may rise even higher, up to the range of $1,500 – $2,000.
Now is a great time to buy Ethereum. This asset can be held until early February. It is at this point that we expect the maximum levels for Ethereum. But after that, a rapid decline is very likely. Be prepared for this development of events.