Ethereum Price Analysis Jan.6: ETH Is Looking At $160 and Bitcoin’s Triangle
The market is currently cooling up to build momentum for another potential move.
Notice the symmetric triangle formation that is evolving on the Bitcoin’s chart: A positive break of this formation could easily lead to a breach of the inverse Head and Shoulders trigger line. In such scenario, BTC could potentially rally toward one of the formation’s targets.
A reasonable target in such scenario could be found around the $5000 – $5200 price level, but as we mentioned before, targets (as well as TA) are not science.
Before reaching the $5K area, there is a strong resistance level at $4500. It won’t be easy for the bulls to break through this resistance level.
Now, let’s talk about Ethereum: ETH is currently trading at the $152.35 price level, as of now.
ETH retested the $160 resistance and got rejected one more time. A lot depends on Bitcoin, but breaking the $160 is essential to continue North.
Looking at the 4-hour chart (Bitstamp)
Looking at the ETH 1-day chart (Bitstamp)
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