The crypto market is making significant gains following the recent US jobs numbers. The unemployment rate will fall to 3.5% in December against the expected 3.7%. As a result, traders’ sentiment about Bitcoin and Ethereum prices improved.
The US dollar index (DXY) fell sharply after the jobs report, helping crypto prices build upward momentum. Bitcoin and Ethereum prices hit a high of $16,991 and $1,273 respectively. In fact, prices are the 7-day highest for both dominant cryptocurrencies.
Ethereum price risks are falling
Crypto Analyst CredibleCrypto in a tweet on January 6, said that Ethereum price has reached the level he previously suggested and ETH price will most likely continue to fall from here.
Ethereum price in a 4 hour time frame. Source: CredibleCrypto
“RED region tagged. I expect a rejection here in the next few days to take the streaks of equal lows we left behind.
He expects a rejection near the USD 1,270 level and a decline below the crucial USD 1,170 support. The ETH price has been above the crucial support level for quite some time and a break of the level means a major turnaround in the crypto market.
Not just $1,150, he thinks ETH price will drop below $1,080. While $1,170 is the best level to buy Ethereum for the long term, whales expect Ethereum accumulation below $1,100. However, the price may not stay below $1,170 and will recover soon.
Crypto analyst Michael van de Poppe suggested that Ethereum price could make a better upward move ahead of a correction near the FOMC meeting in early February. Ethereum is currently trading at USD 1,265, moving sideways with low trading volume.
Will the ETH Price Rise Continue?
The price of Ethereum is currently trading at USD 1,264, up 2% in the last 24 hours. The 24-hour low and high are at $1,240 and $1,273 respectively. Trading volume is flat as traders expect a drop in price.
In addition, there has been a large order of 26,000 ETH put options with a strike price of $400 and an expiration date of June 30. Some traders believe that this is the tail management behavior of crypto whales.
Also Read: Is Polygon Co-Founder Trading Solana’s Meme Coin BONK?
Varinder is a technical writer and editor, technology enthusiast and analytical thinker. Fascinated by disruptive technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for quite some time and is currently covering all the latest updates and developments in the crypto industry.
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