Technical Analysis for ETHUSD for 12th January 2023
Ethereum Bulls Preparing for a Leg Up to $1.7k?
Past Performance of ETH
Ethereum is up 30 percent from November highs, reading from the performance in the daily chart. Technically, sellers have the upper hand. However, from the current setup, there are impressive upsides following the close above $1.35k with rising trading volumes. As it is, the odds of ETH rallying to $1.7k is amplified.
Ethereum Technical Analysis
Ethereum buyers appear to be in control since bull bars are riding the upper BB. The upside has been firm, and trading volumes have been decent. Notably, the rejection of lower prices in the early days of January 2023 is a positive development. Conservative traders may load the dips following the conclusive reversal of November 9 losses since bulls are in control from an effort versus result perspective. The breakout is with rising volumes, ETH can therefore rally towards November 8 highs at $1.6k before buyers target $1.7k, hinting at reversals after deep losses in 2022.
What to Expect from ETH
There are glimpses of strength. ETH is above the liquidation line at $1.35k and a rising wedge, with expanding volumes. The first target could be $1.6k and $1.7k, as mentioned above.
Resistance level to watch: $1.7k
Support level to watch: $1.35k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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