Ethereum price analysis: ETH fails to hold $2,400, set to fall lower

Ethereum price analysis for today suggests that the world's second-biggest cryptocurrency is trying to create a support zone near $2,400
Ethereum price analysis for today suggests that the world's second-biggest cryptocurrency is trying to create a support zone near $2,400

The Ethereum price analysis for Jan 25, 2022, suggests that the world’s second-biggest cryptocurrency is trying to create a support zone near $2,400, but it seems that the selling pressure will bring the prices further down. 

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Comparing ETH to our Bitcoin price analysis for Jan 25, 2022, it seems that the bearish momentum still prevails as investors continue to witness the formation of lower lows. As per data from CoinMarketCap, the trading volume of ETH rose by 72.07%, with a 3.31% fall in the market cap. 

ETH is currently 51.19% low from its all-time high at $4,900, and BTC has also retraced 50% from its ATH, as TheCoinRise reported in the Jan 24 BTC analysis

As per our Ethereum price analysis on the daily chart, the daily candle for ETH was initiated at a price of $2439 and reached a daily high of $2422. However, thereafter, the token dropped to a low price of $2377.

Ethereum price analysis on the daily chart

The daily charts below will help us give better indications in this session of Ethereum price analysis. 

As per the chart below, the 50-day and 100-day Moving Averages are below the price action, which means that the price action is bearish and confirms the formation of lower lows. Furthermore, the MACD indicator shows that the MACD line (blue) broke below the signal line (orange), which confirms a bearish divergence for Ethereum on the daily chart.

Ethereum price analysis
Source: TradingView

The RSI indicator on the chart below indicates that ETH is in the oversold region, which is a similar situation to Bitcoin being oversold, covered by TheCoinRise in a recent analysis report.

Ethereum price analysis
Source: TradingView

Conclusion

Despite ETH reclaiming $2,500 a few days ago, the world is not yet over for the second-biggest cryptocurrency. TheCoinRise has been successfully predicting the chances of bearish movement in the market as we advised investors to be careful when Ethereum reclaimed $3.3K

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