Ethereum price analysis: ETH above $3,300, next step is $3,500

Ethereum price analysis for Jan 15, 2022 is quite optimistic in the last 24-hours with a 2.7% rise. However, we can say this is not very high

Ethereum price analysis for Jan 15, 2022, is quite optimistic in the last 24-hours with a 2.7% rise. However, considering the volatility of the crypto space, we can say this is not very high. However, we will have a look at the indicators for deeper knowledge. 

While Bitcoin is up by nearly 2.3% in the last week, Ethereum is up by 3 in the same time period. This suggests that the world’s second-biggest cryptocurrency is outperforming Bitcoin. 

Furthermore, the data from CoinMarketCap also influences our Ethereum price analysis. There is a 30.18% drop in the trading volume of the token, which is obviously not very promising for a bullish upwards trajectory of our Ethereum price analysis. 

The ETH price started the day at a price of $3307, reaching a daily high of $3338, and is currently trading at $3303. As per our Ethereum price analysis, it is aiming for a $3500-$3600 price level.

Ethereum price analysis on the daily chart

On the daily chart, the Ethereum price analysis shows that the world’s second-biggest cryptocurrency is not having a good time in the short term. 

The prices broke from the lower end of the Bollinger Bands, and ETH is currently trying to overcome that loss. On the other hand, the 50-day and 100-day Moving Averages continue above the price action.

Ethereum price analysis
Source: TradingView

The MACD indicator shows that ETH is trying to make higher highs and, as a result, is undergoing a bullish divergence on the daily chart. However, we cannot confirm that a bullish movement will follow because of the prominent presence of the Bitcoin Death Cross in the market, as reported by TheCoinRise.

Ethereum price analysis
Source: TradingView

Conclusion

While Ethereum has been showing a sluggish performance, its competitor Solana has also not shown a promising movement, according to a previous report by TheCoinRise. We need to watch Ethereum’s movement as the indicators are very conflicting for the token. 

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