Ether price news this week January 13 to 19: coin likely to move up to $157
Will Ether boost prices higher? Let’s see what the charts project.
The former head of global business development at ConsenSys Andrew Keys believes that 2020 will be a monumental year for the blockchain industry. He expects Ethereum to “move stridently beyond Phase 0 of Ethereum 2.0, onto Phase 1 and the launch of shard chains.” If this happens, he anticipates that the world will get to see how a “decentralised future actually looks like.”
Ethereum is making the right moves on the fundamental front. Will Ether’s technicals also track the fundamentals and boost prices higher? Let’s do the Ether price analysis from both a long-term and a short-term perspective and see what the charts project.
Ether price prediction from January 13 to 19
Let’s first determine the long-term trend by doing the Ether price analysis on the weekly chart. Then let’s do the Ether price prediction for January 13 to 19 using the daily chart.
Ether price chart: weekly
Ether has been gradually moving up towards the resistance line of the descending channel. This line has been acting as a major barrier and the price has repeatedly turned down from it (marked via ellipse on the chart).
The 20-week EMA is also placed close to the resistance line. Hence, we anticipate the bears to defend the level aggressively. If the price turns down from the resistance line once again, it will extend its stay inside the channel and can retest the recent lows at $115.95.
On the other hand, a breakout of the channel will indicate a possible change in trend. Following the breakout, the 50-week SMA might act as a resistance but we expect it to be crossed. The target objective will be a move to $239.30.
Ether price analysis of the weekly chart suggests that the trend is gradually turning positive but it does not show a pickup in momentum yet. Let’s do the Ether price analysis of the daily chart to see if we spot any bullish setups.
ETH to USD chart: daily
Though the bulls managed to scale the price above the 50-day SMA on January 6, the Ether to USD pair could not pick up momentum. It turned down from $148.04 on January 8. However, the positive sign is that the price bounced off the 20-day EMA. This is a bullish sign as it shows demand at lower levels.
The moving averages are on the verge of a bullish crossover and the RSI continues to trade in the positive territory. This suggests that the bulls have the upper hand. A breakout of $150 can carry the price to the overhead resistance at $157.36. The downtrend line is also placed just above this level; hence, we anticipate it to act as a stiff hurdle.
However, if the next dip sustains above the 20-day EMA, it will increase the possibility of a breakout of the downtrend line. Our bullish view will be invalidated if the pair turns down and breaks below $135.
Ether price prediction for January 13 to 19: How to trade it
The traders can hold their long positions with stops at $124. If the price breaks out and sustains above $150, the stops can be trailed to $130. If the bulls struggle to propel the price above $157.36, partial profits can be booked by the short-term traders and the stops can be raised to breakeven to protect the capital.
FURTHER READING: How to use Ethereum. How to buy Ethereum