Ethereum (ETH) Price Remains Stable Around $2,400

By Rekha chauhan
January 28, 2022 Updated January 28, 2022
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Ethereum Price Analysis: Bloodbath On Crypto Market Triggers Fallout From Descending Wedge Pattern

Ethereum’s (ETH) price is consolidating near the $2,200 ans$2,400 zone for the past few sessions. The price remains stable around the $2,400 threshold amid the risk aversion among investors. The second-largest cryptocurrency as per the market value after Bitcoin, book modest gains for a third day on Friday.

The native currency of the Ethereum blockchain, Ether fell below the $3,000 psychological level on January 21. At the press time, ETH/USD is trading at $2,487, up 2.67% for the day. The 24-hour trading volume stands at $15 billion.

John Bollinger purchase Ethereum

Famous American Financial Analyst, trading indicator “Bollinger Bands” named after him purchased a small amount of the second-largest crypto asset. Although he clarified that not confident much on the asset as such there is no information about the quantity.

Source: Trading view

Technically speaking, Ethereum’s (ETH) price has been consolidating near the lower levels after the recent sell-off in the market took a breather. Investors should meet with some bottom buying opportunities.

In technical terms, it is called a ‘dead cat bounce’, which usually occurs in oversold market conditions. Looking at the daily strength index (RSI), which holds in the oversold zone and is about to give the bullish crossover. The reading suggests an uptick in the momentum oscillator could see price could jump toward the $3,000 mark.

Market participants will meet the next hurdle at the horizontal resistance line at $3,469.91

Alternatively, a failure to hold the session’s low could see the weekly lows around $2,100.

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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