The crypto market records significant gains after the recent U.S. jobs data. The unemployment rate falls to 3.5% in December against the expected 3.7%. As a result, traders’ sentiment improved about Bitcoin and Ethereum prices.
The U.S. dollar index (DXY) fell sharply after the jobs report, causing the crypto prices to build upside momentum. Bitcoin and Ethereum prices hit a high of $16,991 and $1,273, respectively. The prices are even the 7-day high for both dominant cryptocurrencies.
Ethereum Price Risks Fall
Crypto analyst CredibleCrypto in a tweet on January 6 said the Ethereum price has reached the level he earlier suggested and most likely the ETH price will continue to fall from here.
“RED region tagged. Expecting a rejection here in the coming days to take the sets of equal lows that we left behind.”
He expects a rejection near the $1,270 level and a fall below the crucial support at $1,170. The ETH price has maintained above the crucial support level for a long time now, and a break of the level means a major turnaround in the crypto market.
Not just $1,150, he thinks the ETH price will fall 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 hold below $1,170 and will rebound soon.
Crypto analyst Michael van de Poppe suggested that Ethereum price can have a better upside move before a correction near the FOMC meeting in early February. Ethereum is currently trading at $1,265, moving sideways with low trading volume.
Will ETH Price Rally Sustain?
Ethereum price is currently trading at $1,264, up 2% in the last 24 hours. The 24-hour low and high are $1,240 and $1,273, respectively. The trading volume is flat as traders anticipate a fall in prices.
Moreover, there has been a large order of 26,000 ETH put options with a strike price of $400 and an expiration date of Jun 30. Some traders believe this is the tail management behavior of crypto whales.
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