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Ethereum ETH/USD Forecast and Analysis January 22, 2021

The Ethereum cryptocurrency rate forecast is written with quotes of $ 1135. ETH/USD is falling, the price of Ethereum has already reached the trendline and pulled back 38% of the entire previous upward movement. Monitoring services show that over the past 24 hours the ETHUSD rate has dropped by 15%.

Cryptocurrency quotes are inside the Ichimoku cloud, which indicates the uncertainty in the market.

The resistance level for the ETH/USD rate is the recently tested level of $ 1080. This is the trend line that you see in the image, and it is also an important Fibonacci level.

Ethereum ETH/USD Forecast and Analysis January 22, 2021

A breakdown of this level downwards will mean a continuation of the downward trend, with a target of $ 700 or even $ 600 in February. However, only if the psychologically important level of $ 1000 is broken.

The resistance level for ETH/USD is 1340. A break of this level upwards will mean the continuation of the upward trend. A pullback from this level is the final completion of the uptrend.

Thus, the forecast for the ETH/USD rate for January 22 suggests an attempt to restore the Ethereum rate.

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