Ethereum price analysis: ETH aims for $2.6K, up 5% in 24 hours

Ethereum price analysis for Jan 29, 2022, says that if you would've invested in ETH at $2.3K you would've made an excellent profit today.

Ethereum price analysis for Jan 29, 2022, comes with good news for investors and traders. If you would’ve invested in ETH at $2.3K, when it was off by 18% in 7 days, as TheCoinRise reported, you would’ve made an excellent profit today. At the time of writing, the price of one ETH is $2534 and aims for the $2.6K price level. 

The data from CoinMarketCap shows that the trading volume of the world’s second-biggest cryptocurrency has dropped by 6.66% in the last 24 hours, followed by a 5.47% rise in the market cap. The buying volumes are increasing as investors are taking advantage of the dip. 

Moreover, the daily candle for ETH initiated today at a price of $2544 reached a daily high of $2585 and then fell down to the daily low at $2520. ETH fell below $2.4K, as per our Ethereum price analysis for Jan 27, 2022. However, looking at the current movement, the token has reclaimed the lost levels rapidly.

Ethereum price analysis on the daily chart

Ethereum price analysis on the daily chart suggests that the ETH token is aiming for $2.6K, but the struggle between bulls and bears continues to push the prices lower. $2.5K is an important price level for Ethereum, as seen in our previous ETH price analysis for Jan 23, 2022.

Ethereum price analysis
Source: TradingView

The RSI has swiftly bounced from the oversold region, which is a very positive indication for Ethereum price movement. The investors are buying the dips as the accumulation of ETH continues, as previously reported by TheCoinRise.

Ethereum price analysis
Source: TradingView

The MACD indicator shows that the MACD line and the signal line are about to intersect and if the former breaks above the latter, a bullish divergence will occur, which will change the sentiment of the market to bullish.

Conclusion

2022 is an important year for ETH, and as TheCoinRise reported, there is a 20% chance that ETH flips BTC. To conclude, this might be a good time to buy ETH and hold on until it makes a new all-time high.

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