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    Home » ETH » Ethereum Touched $1350 But Quickly Plunged 8%: Another Dip Or Massive Correction Inbound? (ETH Price Analysis)

    Ethereum Touched $1350 But Quickly Plunged 8%: Another Dip Or Massive Correction Inbound? (ETH Price Analysis)

    Author: Yaz Sheikh

    Last Updated Jan 10, 2021 @ 12:29

    Etheruem climbed by 5% over the past 24 hours as the coin surged as high as $1350 before dropping back over $100. Against BTC, it rebounded from support at 0.028 BTC on Friday to reach 0.0326 BTC. Was it another dip, or a wider ETH correction just started?

    ETH/USD – Ethereum Continues To Set Multi-Year Highs

    Key Support Levels: $1275, $1200, $1165.
    Key Resistance Levels: $1350, $1390, $1425.

    This past week, Etheruem surged higher from $800 to reach the resistance at $1275 on Friday, provided by a bearish .886 Fib Retracement. It stalled here for a couple of days as it traded along with the support of $1165 (.236 Fib Retracement).

    Today, Ethereum managed to push above the resistance at $1275 to climb higher towards $1350 (current daily high and current 3-year high), provided by a 1.272 Fibonacci Extension level.

    It has since dropped sharply more than $100, along with Bitcoin’s correcting below $39K. As of writing these words, ETH was able to find support by a mid-term ascending trend-line (as marked on the 4-hour’s chart) and recovered half of the drop.

    ethusd-jan10-new
    ETH/USD Daily Chart. Source: TradingView
    ethusd-4hr-jan10-new
    ETH/USD 4-Hour Chart. Source: TradingView

    ETH-USD Short Term Price Prediction

    Looking ahead, the first level of resistance lies at $1350 (1.272 Fib Extension). This is followed by $1390 (long term 1.618 Fib Extension – purple), $1425 (ATH Price), and $1470 (short term 1.414 Fib Extension).

    If the bulls continue beyond $1500, added resistance is found at $1530, $1582, and $1645.

    On the other side, the first level of support lies at $1275 (previous bearish .886 Fib & rising trend line). This is followed by added support at $1200, $1165 (.236 Fib), $1100, and $1050 (.382 Fib).

    On the daily time frame, the RSI is extremely overbought and is showing hints of bearish divergence.

    ETH/BTC – Bulls Edge Back Toward 0.033 BTC

    Key Support Levels: 0.0318 BTC, 0.031 BTC, 0.0303 BTC
    Key Resistance Levels: 0.033 BTC, 0.0337 BTC, 0.0361 BTC.

    Against Bitcoin, ETH had surged higher into resistance at 0.033 BTC (Nov High-Day Closing Price) this past week. It could not break this resistance, which caused it to head lower into support at 0.0289 BTC (.5 Fib Retracement).

    It has since bounced higher from there to meet resistance at 0.0318 BTC (Dec 2020 Highs) yesterday. Today, it continued to hit 0.0326 BTC.

    ethbtc-jan10
    ETH/BTC Daily Chart: Source: TradingView

    ETH-BTC Short Term Price Prediction

    Looking ahead, the first resistance lies at 0.033 BTC. This is followed by resistance at the November highs around 0.0337 BTC. Additional resistance is found at 0.035 BTC and 0.0361 BTC (March 2019 Highs).

    On the other side, the first support level lies at 0.0318 BTC (Dec 2020 highs). This is followed by 0.031 BTC, 0.0303 BTC (.382 Fib), 0.0292 BTC (200-days EMA), and 0.0287 BTC (.5 Fib).

    The RSI dropped from overbought conditions earlier in the month and is still not overbought after rebounding.

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    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

    Cryptocurrency charts by TradingView.
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    About The Author

    Yaz Sheikh View more posts by this author

    Yaz is a cryptocurrency technical analyst with over seven years of technical analysis trading experience. As an Economics graduate, he has taken a keen interest in the future potentials of blockchain in the financial industry. Removing crypto from the equation, Yaz loves to watch his favorite football team and keep up-to-date with the latest fights within the UFC.

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