Ethereum peaked at $1430 before dropping last week. Toward the end of last week, there price started a bit of recovery upside. Is the bullish momentum enough for the trend to continue upside or price will fall further? 21-23 January Ethereum price prediction looks at ETH/USD and ETH/BTC forecast for the week.
Ethereum maintained a strong bullish move in the first two weeks of this month. So strong that it peaked close to $1500 on 13th January. What happened since then?. Price dropped about 46% to close below $960 on 17th of this (same) month - a period of 4-5 days. In our last update, we predicted this yo happen. Despite the bearish momentum was seen across all coins, it was very evident on Ethereum after a very clear bearish signal on the chart.
In the last update, we used the chart below for ETH/USD
ETH/USD price chart, H2 (click to zoom)
Same divergence is seen on ETHUSD. Price peaked at $1430 before dropping. The MACD signal MAs are getting close to the zero level. An upward crossover there could mean one more leg upside before the dip thus completing an ending diagonal pattern. Fast drops are often seen at the end of a diagonal pattern. Could this mean Ethereum will drop? Maybe, if this pattern completes and price reacts as expected. A dip to $900-$1000 is on the cards.
Price didn't even complete the last leg completely before dropping to $960. The chart below was used for ETH/BTC
Price is making a double top while the MACD histogram and signal MAs are making lower highs. This is called a bearish divergence. Price is showing a minute sign of dropping. If price follows this chart pattern, Ethereum may lose some value against BTC in the coming days though the trend is still bullish.
This is what happened exactly. What should we expect next?
21-23 January Ethereum price prediction: ETH/USD Forecast
ETHUSD Elliott wave analysis, H2 (click to zoom)
The chart above shows the drop from $1430 to $750 and the rally that follows to $1170. The pattern developing looks like a double zigzag pattern where wave (c) is about to complete. The bearish move could extend to $500-$600 before the bullish trend resumes.
21-23 January Ethereum price prediction: ETH/BTC Forecast
ETHBTC Elliott wave analysis, H2 (click to zoom)
Since the double top divergence, price has dropped about 18%. This is expected to continue as price competes the 4th wave of the impulse wave that started earlier this month. A dip to 0.0073-0.0080 is very likely. At the zone, a bullish resurgence could happen that could drive price to 0.12. Stay tuned for more updates.
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