Ethereum price analysis: ETH falls below $2.4K, next target $2.2K

Ethereum price analysis for Jan 27, 2022, shows that the ETH token fell below the $2,500 area and failed to hold prices at $2.6K. If ETH was able to retain $2.6K, we could’ve seen an upward movement towards $3K, as predicted by TheCoinRise earlier. 

Furthermore, the data from CoinMarketCap shows that the trading volume for Ethereum rose by 41.50% in the last 24-hours, followed by a 2.69% fall in the market cap of the token. The dominance of Ethereum is 17.58%, and it can be concluded that Ethereum is taking a bearish turn. 

The daily can for Jan 27 for Ethereum was initiated at a price of $2463 and reached a daily high of $2495 but failed to reclaim $2.5K. As a result, Ethereum fell to a daily low of $2354 and is currently trading at a price of $2399.

Ethereum price analysis on the daily chart

The daily chart below shows that the Ether token (ETH) is nearing a breakout from the lower end of the Bollinger Bands. If the selling volume continues to rise, we might actually see Ethereum fall further. Also, the 50-day and 100-day Moving Averages are above the price action, which suggests that Ethereum is still stuck in a downtrend.

Source: TradingView

The chart below shows that Ethereum is being oversold, a situation similar to our Ethereum price analysis from Jan 25, 2022. The RSI line is making lower lows, and hence, lower prices might be coming in the near future.

Source: TradingView

Conclusion

To conclude our Ethereum price analysis, TheCoinRise wants to bring to the reader’s attention Australian research, which said that Ethereum is a superior store of value than Bitcoin. Furthermore, the co-founder of Ethereum is working on capping the calldata per block to lower gas costs. The future for ETH is very promising.