Ethereum (ETHUSD) continues to show a bullish bias, which suggests the price could be on its way to testing the key resistance level of $3,222. This level is a significant hurdle, as it represents one of the major trend keys. The price has recently consolidated above the $3,017.30 support level, making this a crucial point for the current trend. It is important to note that for the market to gain more clarity on the next potential move, Ethereum will need to either surpass the resistance at $3,222 or break below the support at $3,017.30.
With the price at the crossroads of these levels, traders are advised to stay cautious and monitor for any breakout in either direction. A breach of $3,222 would signal that Ethereum is ready to move higher, potentially targeting even stronger resistance points. However, a drop below $3,017.30 would indicate that the bearish sentiment could take over, and prices might dip further.
Today’s trading range is expected to stay between $2,970.00 (support) and $3,260.00 (resistance), and unless one of these levels is breached, the market sentiment remains neutral. This neutral stance gives traders the opportunity to make decisions based on the next key price action and signals from the broader cryptocurrency market. Ethereum’s bullish bias remains intact, but the next move depends on the price behavior around these two critical levels.
Bitcoin Price (BTCUSD) Forecast Update – 29-01-2025
Bitcoin (BTCUSD) is currently trading in a bullish pattern and is showing signs of continuing the upward trend after testing and attempting to breach the $102,900.00 level. The bullish sentiment is backed by positive stochastic indicators, which suggest that the price could continue rising in the coming sessions. With the price showing positive momentum, Bitcoin’s main target remains at $108,350.45, which is the next significant resistance level to watch.
However, Bitcoin’s bullish trend is heavily dependent on maintaining stability above the $100,150.00 level. This support level is critical, as it serves as a barrier preventing further declines. If Bitcoin can successfully hold above this support, the bullish trend will likely continue. But a drop below this level could signal a reversal or a consolidation period, causing Bitcoin to experience some price correction.
The expected trading range for today is between $100,000.00 (support) and $106,000.00 (resistance). As Bitcoin approaches its upper resistance levels, traders should watch for signs of exhaustion in the rally, as this could signal a potential price reversal. However, with the market sentiment favoring bullish momentum, Bitcoin could still break through resistance and move toward the target at $108,350.45. Long positions in Bitcoin remain favorable, but vigilance is key in the event of a pullback.
Brent Oil Price Forecast Update – 29-01-2025
Brent oil price continues to experience fluctuations within a narrow range, which indicates that the market is waiting for a catalyst to push the price in one direction. The key level to watch for Brent oil is $77.05, as a break below this level would confirm that the bearish trend is likely to continue. The next target for the bears would be $75.66, and in order to confirm this move, the price would need to hold below the resistance at $78.40.
Brent oil’s trading range for today is between $75.60 (support) and $78.60 (resistance). Given the current bearish sentiment, it’s crucial to see if the price holds below the $78.40 resistance level. If it does, then the continuation of the downward trend is expected. Conversely, a break above $78.40 could signal that the bullish trend is making a return, and the market could shift its focus to the next higher targets. Traders should stay vigilant for any price action that could suggest a trend reversal or confirmation of the bearish outlook.
Given the global geopolitical concerns and supply-demand dynamics in the oil market, Brent oil remains highly susceptible to external factors that could either amplify the bearish trend or shift the sentiment towards bullish. Oil traders are advised to stay informed about any macroeconomic developments that could influence the market in the short term.
Crude Oil Price Forecast Update – 29-01-2025
Crude oil price is showing signs of weakness as it continues to trade below $75.53, which supports the overall bearish outlook for the market. The weakness in the price can be attributed to the completed head and shoulders pattern, a technical indicator that typically signals a reversal from bullish to bearish. The first target for the bears is the $73.90 level, and breaking this level would open the door for further declines towards $72.30 in the near term.
The trading range for crude oil today is between $72.80 (support) and $75.80 (resistance). As long as crude oil remains below $75.53, the bearish sentiment will likely persist, and further downside moves could follow. The price’s behavior around the $73.90 level will be crucial in determining if the downward trend is confirmed or if a bounce higher is imminent. For now, the bearish outlook remains in play, and any upward movement should be viewed with caution.
Market participants should also be aware of global economic events and energy market news that could influence crude oil prices. With OPEC decisions, production cuts, and geopolitical tensions being important factors, crude oil’s price action will likely be volatile in the short term.
