Ethereum price analysis: ETH back above $3.3K but investors need to be careful

Ethereum, the world’s second-biggest cryptocurrency, rose by 3.4% in the last 24-hours. The green candles are back in the market, and we will discuss the Ethereum price analysis for Jan 13, 2022. 

The data from CoinMarketCap shows that the Ether (ETH) token is currently trading with an 11.79% increase in the trading volume followed by a 3.67% increase in the market cap. The daily candle for Jan 13, 2022, initiated at $3371 and rose to a daily high of $3384 and is currently at $3331. 

When compared to our Ethereum price analysis for Jan 11, 2022, it is evident that the ETH token has seen a good bounce in the last 2 days. But, this price action is not enough to convince a bullish outbreak. 

Ethereum has been facing competition from Solana and Polygon chain, which has been backed by VCs. So, does this make ETH less profitable? Well, TheCoinRise reported that Australian research claims that ETH is a better store of value than BTC.

Ethereum price analysis on the daily chart

The daily chart shows that the Ethereum price analysis has been quite interesting in the past 24-hours. The MACD indicator shows that the MACD line (blue) is aiming to break above the signal line (orange), which, if successful, might turn the prices bullish. 

On the other hand, the 50-day and 100-day Moving Averages continue to progress above the price action. ETH needs to reclaim these lines.

Source: TradingView

The RSI levels went into the oversold region and, since then, have been sharply increasing. This might mean that the investors are aiming to take prices higher. 

Source: TradingView

Conclusion

To conclude, the Ethereum price analysis is also at a critical junction like our Bitcoin price analysis for Jan 13, 2022. If the bulls continue to remain in charge, we might soon test $3,800 as we did in October 2021. However, investors are advised to remain careful because the crypto market is a very volatile entity and nothing is certain.