The strong upward trend on the cryptocurrency of ethereum continues. Last days of the previous week were marked by corrective move, which ended with a local support level test of 1130 USD, where the upward trend line is also running. Ultimately, the buyers defended the mentioned support, which in turn led to the continuation of growth.

Picture 1. Technical analysis, etherum, H1,15.01.2018

We are currently witnessing a test of recent historical maxima, which are located in the price region of 1360 USD. It seems, that we will not see the formation of a double peak here, and the bulls will be able to create new peaks probably around 1,400 USD.

Picture 2. Technical analysis, etherum, D1,15.01.2018

For any correction move upward trend line is still main target. The maximum range for declines is estimated at the round support level of 1,000 USD.

Risk Warning: The contents of this analysis is for informational purposes only and does not constitute investment advice.

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