This website uses cookies to ensure you get the best experience on our website

Technical Analysis for ETHUSD for 12th January 2022

Ethereum Bulls Revived, ETH Price Erupts from $4k

The co-Chief Investment Officer at Pantera Capital, Joey Krug, is positive Ethereum will outlive competitors to be a dominant layer-1. However, he adds, its future is highly dependable on how it transits from proof-of-work to a staking network.

Past Performance of ETH

Ethereum is still down 35 percent from peaks and below the middle BB at spot rates, pointing to weakness. There is a revival in the short term, and ETH buyers are in control. With a bullish engulfing pattern, breaking above minor resistances, ETH is expanding from $3k.

Ethereum Technical Analysis

Fundamentally, Ethereum prices are solid. Even so, the optimism of what lies ahead hasn't been translated to price action given the performance in the last few weeks. The bullish engulfing bar of January 11 might draw aggressive traders as they load the dips. Even still, ETH bulls must confirm yesterday's gains for the momentum towards $3.6k—or better to be sustained. A sharp downturn from spot rates rewinding January 11 gains invalidates the bullish out, swinging price action in favor of sellers.

What to Expect of ETH

Ethereum traders are upbeat following bullish developments on January 11. Still, a confirmation above yesterday's highs is required to affirm the uptrend. If ETH bulls have the upper hand, prices may float to $3.6k in the short term. Conversely, an unexpected drawdown below $3k dashes bulls' hope in a move that might see ETH slide to $2.4k.

Resistance level to watch: $3.6k

Support level to watch: $3k

Disclaimer: Opinions expressed are not investment advice. Do your research.

For more interesting tips and facts visit our Education Centre.

Have Questions? 

We're available 24/7 to help you. You can email us, or send us a message on WhatsApp, Telegram or Messenger!

Risk Disclosure: Trading cryptocurrencies or any other financial instrument involves a significant level of risk and may result in a total loss of your investment. You should consider carefully whether investing in Bitcoin or any other instrument offered by CryptoAltum is appropriate to your financial situation. CryptoAltum only accepts deposits in Cryptocurrencies. By trading with CryptoAltum you acknowledge your understanding of this risk disclosure and your agreement with the Terms and Conditions.

This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.

CryptoAltum does not accept any clients under the age of 18. 
  • Copyright Techcraft Ltd (CryptoAltum) 2020