With Bitcoin and Ethereum trapped in narrow ranges for some time, investors are wondering if the two biggest cryptocurrencies can break out and hit new highs. Despite the recent volatility, a number of optimistic indications indicate that BTC and ETH may be preparing for a large surge.
Let’s look at the key cryptocurrency market fundamentals that can be influencing the overall price movement.
Today’s Ethereum Price
| DATE | ETC | USD |
|---|---|---|
| Today | 01 | $ 1,694.17 |
Ethereum Price Prediction
The price of Ethereum is currently $1,701 with a $5.3 billion 24-hour trading volume. Ethereum has risen more than 0.10% in the last day. It is currently ranked #2 on CoinMarketCap with a market cap of $208 billion.
The ETH/USD pair is trading sideways during the Asian session and is staying within a constrained range of $1,670 to $1,720. Whether or not this range is broken will determine the trend for Ethereum.
Ethereum has created an upward channel on the 4-hour time frame, which is supporting the ETH price close to the $1,650 mark. The following resistance levels of $1,740 and $1,825 could be reached by ETH if buying pressure increases, which would let it to cross the $1,720 threshold.
On the other side, a breach below $1,675 might widen the downturn and push prices into $1,635 or $1,600.
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