Iota unshakeable, Ethereum and Litecoin correct more sharply
The three altcoins analysed, Ethereum (ETH), Litecoin (LTC) and IOTA (MIOTA), are largely unimpressed by the price correction of the main Bitcoin (BTC) currency. The MIOTA price, in particular, is currently very high and may rise once again in a weekly comparison.
Ethereum (ETH): Reaching the highest level of all time leads to making a profit Price (ETH): 1,214 USD (previous week: 1,243 USD)
Price (ETH): 1,214 USD (previous week: 1,243 USD)
Price analysis based on the pair of ETH/USD values in Bitfinex
After the price of Ether reached its historic high of 1,440 USD at the beginning of the week, there was a temporary drop in the price to 1,049 USD overnight. Meanwhile, the bulls were able to Bitcoin Future stabilize the price at the first major resistance and raise it back above the EMA20 (red) to 1,139 USD.
Bullish variant (Ethereum):
The price of Ether continues to show bravery. Although the price corrected by 23% during a significant wave of sales in the general market in the meantime, new buyers have already been found above USD 1,000 and have secured a bullish reversal back to USD 1,185. With this, Ethereum once again defended the EMA20 (red) daily. If the price of Ether rises again above the 161 Fibonacci extension at USD 1,303 and thus jump back above the broken green bullish trend line, it is conceivable an all-time high. If there are enough followers in the 1,440 USD area to dynamically move the price of Ether above the all-time high at 1,425 USD, the 200 Fibonacci extension at 1,591 USD will surface.
If this resistance is also overcome, one can expect a follow-up of the 261 Fibonacci extension at USD 2,057. Here, investors are likely to make profits once again. If Ethereum also breaks above the USD 2.057 resistance in the coming weeks, the next target price will be activated at USD 2.811 (361 Fibonacci extension). If the interest in Ethereum remains high in the coming months and the price of Ether also exceeds USD 2,811, a medium term march up to USD 3,277 and a maximum of USD 3,565 is also conceivable. For now, these two price targets should be seen as maximum chart marks for the next six months.
Variant Bearish (Ethereum)
If Ethereum, on the other hand, corrects significantly down again in the area of 1,303 USD, but at most to 1,440 USD, and forms a double top, the 1,042 USD support will come up again. A drop below the EMA20 (red) in the daily closing price should later lead to a run up to the previous week’s low of $922. If this support is not maintained, a correction to USD 837 is expected. In this area, the old high of 2018 can be found.
If this mark on the chart is also undercut in the daily closing price, the price will immediately be corrected towards 747 USD. Currently, this is the EMA100 (yellow) as well as the breakout level from January 2, 2021. If bears can also dynamically undercut this support area in the course of a weak bitcoin price, a correction extension to USD 675 and USD 640 is conceivable. If the price of Ether does not stabilize in a sustainable way also in these supports, the price could set as a target the maximum price going down in the EMA200 area (blue) at USD 579 in the coming weeks.
The RSI corrected back to the neutral zone between 45 and 55 yesterday, Thursday 21 January, and is currently classified as neutral. The MACD indicator has also activated a new sell signal daily. On a weekly basis, both indicators are now also tending somewhat southwards and are reducing their overbought conditions. For now, however, both indicators still have a weekly overbought signal pending.
Litecoin (LTC): LTC Price Aims to Hit Old High of 144 USD
Price (LTC): 140 USD (previous week: 149 USD)
- Resistance/target: 144 USD, 156 USD, 163 USD, 186 USD, 190 USD, 219 USD, 245 USD, 265 USD