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ETHEREUM PRICE ANALYSIS & PREDICTION (January 23) – ETH is Yet to Find a Break, Faces a Tough Resistance
Ethereum’s price has yet to recover from a recent dip compared to Bitcoin, which recently touched a new high. Following the rejection at $3,500, Ethereum remains stuck, lagging behind. However, there is still hope for buying if the bulls can regroup effectively.
Last week’s price drop below the crucial $3,000 mark triggered significant panic in the market, but the bulls responded quickly and pushed the price back above the $2,900 level. The price then rebounded moderately over a few days, only to be halted by the $3,500 resistance level during the weekend. As a result, Ethereum’s price dropped but later found temporary support above the $3,100 mark.
Taking a step back and analyzing the bigger picture, Ethereum’s short-term structure remains bearish due to the consecutive lower low and lower high formation on the daily chart. From a technical standpoint, the bulls are struggling to regain momentum at present, with their current commitments appearing relatively weak.
If they can regroup effectively this week, we may see a significant breakthrough through the falling resistance line that has been capping bullish actions since mid-December. This could potentially set the stage for an increase similar to what Bitcoin experienced. However, as things currently stand, it appears that the bulls are still grappling with significant volatility.
Should the price slip below this month’s low, $2,500 would likely serve as its next selling target.
ETH’s Critical Levels To Watch
Aside from the previously established support at $2,920, Ethereum has managed to create an additional support at $3,130, despite the prevailing bearish pattern. A breach of these supports could swiftly propel the price down to $2,723.
On the upside, it is essential for ETH to break through the trendline and reclaim the $3,550 resistance level alongside $3,830. Breaking through the $4,107 resistance should set the stage for a new high.
Key Resistance Levels: $3,550, $3,830, $4,107
Key Support Levels: $3,130, $2,920, $2,723
Spot Price: $3,309
Trend: Bearish
Source: nulltx.com
