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Ethereum Price Prediction For January 7
The price of Ethereum has been trending upwards since the low on December 20th. However, at the time of writing, it doesn’t seem to have enough impulsive characteristics to confirm a strong upward trend. There are two primary scenarios that can be considered moving forward.
Firstly, there is a possibility of a broader B-wave correction in Ethereum’s price action. This scenario views the downward movement from December 6th to December 20th as Wave A and the current upward move as part of Wave B. It is crucial for investors to note that this kind of corrective rally can lead to further selling pressure once it tops out, signaling a shift towards a bearish phase.
To confirm the top of this correction, Ethereum’s price would need to break below the most recent swing low at $3593 and support at $3515. If this level is broken, there could be a significant drop in the near future.
Secondly, there is also a potential for a bullish outcome where Ethereum reaches new all-time highs. The upward movement seems weak, however, lacking clear impulsive characteristics typical of a third wave in Elliott Wave theory. A break above $3800-$3880 would provide more evidence supporting this scenario but a correction could occur before Ethereum pushes higher.
Key resistance and support levels to watch include:
* Support: $3593, $3515
* Resistance: $3808, $3880
Source: coinpedia.org
