Ethereum price analysis: ETH breaks above $3K but still sluggish

Ethereum, the world’s second-biggest cryptocurrency, has always been compared to Bitcoin. In this article, we will discuss the Ethereum price analysis for January 11, 2022. 

As per data from CoinMarketCap, Ethereum (ETH) is currently up by 1.7% in the last 24 hours. Compared to our Bitcoin price analysis for January 11, 2022, Ethereum is recovering faster.

As per our previous report, experts say that there is a 20% chance of Ethereum flipping Bitcoin as the world’s biggest cryptocurrency in 2022. Moreover, compared to BTC, which is nearly 40% low from all-time high (ATH), ETH is 36.56% away from ATH. 

The daily candle for ETH was kicked off at a price of $3082 as the prices reached a daily high of $158. The price of Ethereum at the time of writing is $3149. 

Ethereum price analysis on the daily chart

The Ethereum price analysis on the daily chart shows that the world’s second-biggest cryptocurrency is trying to break above $3,200 but isn’t able to. The sluggish price action can be attributed to the fearful state of the market. 

The price action broke out from the lower end of the Bollinger Bands and is currently resting in the lower end of the same. Furthermore, Ethereum is below the 50-day and 100-day Moving Averages. These indicators support are bearish Ethereum price analysis.

Source: TradingView

The Accumulation/Distribution chart shows that the sellers of ETH tokens have increased, but buyers are also giving sellers a fight. The MACD indicator presents a bearish situation in the chart below, with the MACD line (blue) progressing below the signal line (orange).

Source: TradingView

In all, the daily chart for today shows that Ethereum price analysis is bearish overall but considering the potential of the network, Ethereum at $6.5K is still possible.

Conclusion

To conclude, the ETH token remained on a bearish path for today. One thing to note is that the crypto market is known for its volatility and this bearish retracement is just a part of it. It is important to believe in what you invest.

As per a previous report on TheCoinRise, Ethereum’s popularity rose in 2021, as it was among the top 10 news searches on Google.

Must Read Crypto Price Analysis and Predictions January 11, 2022

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