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.
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