Ethereum Reaches Bearish Exhaustion, May Resume Uptrend above $2,400

Updated:

Checkmark

Invest at least $250 in D2T to gain lifetime access to our VIP Signals

Checkmark

Get early access to Dash 2 Trade’s Presale. Buy the D2T token now

Checkmark

Existing community of 70,000+ traders

Checkmark

Unlocks access to the leading crypto trading analysis, signals and trading tools

Checkmark

As featured in CryptoNews.com, FXEmpire.com, FXStreet.com and more

Checkmark

World class development team backed by Quant developers and VC investors


Ethereum reaches an oversold region
The altcoin slumps to $2,300 low

Ethereum ETH) Current Statistics
The current price: $2,429.40
Market Capitalization: $289,777,538,348
Trading Volume: $19,975,243,748
Major supply zones: $4,000, $4,500, $5,000
Major demand zones: $3,500, $3,000, $2,500

Ethereum (ETH) Price Analysis January 23, 2022
Ethereum’s (ETH) price has fallen significantly to the low of $2,301 but may resume uptrend above $2,400. Ether price corrected upward but it is resisted at the $2,600 high. Presently, it is hovering above the $2,300 support. For the past 48 hours, Ether has been fluctuating between $2,300 and $2,600 price levels. On the downside, if the bears break below the $2,300 support, the market will decline to $2.050 or $1,721 low. On the other hand, if the bulls break above the $2,600 high , Ether will rally to $3,450 high. The crypto is likely to resume upward as there are bullish candlesticks above the current support.

Ethereum Reaches Bearish Exhaustion, May Resume Uptrend above $2,400
ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ether is below the 20% range of the daily stochastic. It indicates that the market has reached the oversold region. The bullish candlesticks above the $2,300 support indicate a possible upward move. Buyers are expected to emerge in the oversold region. The 21-day SMA and 50-day SMA are sloping southward indicating the downtrend. The crypto’s price is below the moving averages indicating the downtrend.

Conclusion
ETH/USD is in a downward move but may resume uptrend above $2,400. A further downward move is unlikely. Meanwhile, on January 10 downtrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that ETH will fall to level 1.272 Fibonacci extension or $2,422.94.

Ethereum Reaches Bearish Exhaustion, May Resume Uptrend above $2,400
ETH/USD – Daily Chart

You can purchase crypto coins here. Buy Tokens


Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.