Ethereum (ETH/USD) is up more than 24% from weekly lows when it traded at $2,151.
Currently, it is trading below the 0/8 Murray and below the key level of $2,500.
The eagle indicator on the daily chart continues to show oversold signals.
It is likely that in the next few hours if the Ether consolidates above $2,530 it could again continue its upward movement.
The next targets are the SMA of 21 located at 2,954 and up to the psychological level of $3,000.
On the contrary, if ETH fails to complete a daily consolidation above $2,530, it is expected that the bearish pressure will continue to prevail and the price could fall back towards the support of -1/8 Murray located at $2,187.
ETH price action, like the rest of the cryptocurrency market, has been extremely bearish. Currently Ether has incurred a loss of almost 50% below the historical high at $4,863.
Ethereum price has a small support left at -1/8 of Murray, preventing a sell-off. Below this level, we expect a fall in prices from July 2021, around $1,800.
Some investors and analysts believe that the price of Ether and Bitcoin are still overvalued. They reckon that a good price for Bitcoin is around $30,000 and for Ether is around $2,000.
Support and Resistance Levels for January 27 - 28, 2022
Resistance (3) 2,690
Resistance (2) 2,620
Resistance (1) 2,509
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Support (1) 2,301
Support (2) 2,190
Support (3) 2,022
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Scenario
Timeframe H4
Recommendation: buy above
Entry Point 2,530
Take Profit 2,812; 2,954 (21 SMA)
Stop Loss 2,450
Murray Levels 3,437 (3/8) 3,125 (2/8) 2,812 (1/8) 2,500 (0/8)
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