On Jan 9th, ETH’s price surged 2.85% to surpass $1,325 for the first time in three weeks, a key level that could pave the token’s path towards $1,350. Investors are rushing into riskier markets amid signs of cooling inflation. Such a scenario could result in the Federal Reserve slowing down its rate hikes, which in turn could be bullish for crypto assets like Ether. The majority of Ether’s open interest for contracts expiring on March 31 is bullish, with most strike targets falling within the $3,500-$4,000 range. The asset’s global volume is up by almost 30% while the dominance is at 19.07%.
At the time of writing, ETH was trading at $1,326.
ETH is showing signs of recovery as the price has moved up slowly from $1,180 to $1,345 over the past ten trading sessions. The asset is forming a ‘Higher High Higher Low’ pattern but with low volumes and small candles. ETH has a strong resistance zone from $1,350 to $1,400. To witness a rally it needs to close and sustain above the resistance zone with good volumes. If the bulls fail to push the prices above $1,400 then it will continue to trade in a range. $1,150 and $1,000 will act as strong support for the asset.
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