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

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.

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