Ethereum [ETH] Price Action – Price Consolidation After Overtaking XRP
A bullish surge last week resulted in Ethereum overtaking XRP to become the largest altcoin by market cap. The price has since been consolidating at the 50% retracement level between the December low and the January high.
Any drops have met support at $114 which has been an important level for the price since mid-December and was the point where price made a bullish break. Just below this level is the 0.618 Fibonacci retracement level which has acted as a pocket of buyer liquidity in the cases that price dropped below $114 support.
The key resistance level above the current price to monitor is around $130 where the 0.382 Fibonacci retracement level lies. The price has previously met resistance at this point during rises.
The price of Ethereum has been performing more bullishly than other top cryptocurrencies in recent market conditions. Price has been trading in an upward channel while the top cryptocurrency Bitcoin has been trading in a downward channel. Nonetheless, it is likely that the next significant move in Ethereum will follow the market leader Bitcoin. Many analysts are viewing the current downward channel Bitcoin is trading in as a bull flag pattern forming.
- Ethereum has been consolidating around the 50% retracement level between the December low and January high
- Key support level to monitor for Ethereum is $114 and the key resistance level to monitor is around $130 where the 0.382 Fibonacci retracement level lies
- It is likely that the next significant move in Ethereum will follow the market leader bitcoin which many analysts are viewing as currently forming a bull flag pattern
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