Ethereum [ETH] and On-Chain Gas Price Surges as Analysts Long for $350 Break-out

Ethereum [ETH] logs a new yearly high as price continues its’ gain. The crypto is up 140% from it’s swing lows around $120. The price of Ether [ETH] at 3: 40 hours UTC on 15th January 2019 is $283.

Ether [ETH] pulled back to lows around $255 after reaching the high at $275 lately. Yesterday, the bullish gains pushed the price up to highs at $290.

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ETH/USD 4-Hour Chart on Bitstamp (TradingView)

The price of Ethereum’s Gas is also up 30% w.r.t BTC on a daily scale. Gas is the underlying fee to the miners which fuels smart contract and execution of transactions. It rose nearly 120% from swing lows in December to a high of 0.00026 BTC.

Since August last year, the price of ETH has been in a downfall. However, the usage has been rising considerably. Moreover, in the past, the price charts (grey) have usually dominated the usage levels (blue).

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Ethereum Gas Usage and Price Chart (Source)

Nevertheless, the recent push in on-chain analytics is also influenced by the bull market. Hence, we might see some pullbacks, while the over-all outlook remains bullish.

Ethereum ‘Send it’ Level

While some indicators are pointing towards over-bought region, analysts continue to make bullish arguments.

Leading chart analyst and trader, Escobar tweeted on the levels of bullish resistance and targets.

Currently testing 2 years of bear structure looks like a massive Double bottom reversal is going to play out.

The first red line around $375 marks a critical area for macro bull run.

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Ethereum Price Analysis (Source)

The High-Time frame resistance to ETH, at the moment is around $350-$375. The area also marks the 23.2% Fibonacci Retracement level from the pump to above $1400 in 2017. More than two technical analysts seem to agree on the HTF (High-Time Frame) bullish resistance to price before $500.

Josh Rager, prominent crypto analyst and trader has been euphoric on Ethereum as well. He tweeted on long-term bullish sentiments for Ethereum, 

The official “send it” level for ETH/USD is breaking & close above $360 on high time frames For anyone who wants to accumulate, if you’re not in by $360 then I’m sorry

No need to fomo, pullbacks will come & you’ve got plenty of time

Moreover, the levels are expected to present huge resistance to the bulls. The one-side uptrend is due for a pullback for quite sometime.

Where do you think Ethereum will shoot before a considerable pullback? Please share your views with us. 

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