Ethereum price analysis: ETH falls below $2,500, tries to reclaim it

Ethereum price analysis for January 24, 2022, brings another bearish news for the ETH token holders. It seems that the world’s second-biggest cryptocurrency has dropped below $2,500, which was reclaimed on January 23, as noted by TheCoinRise. 

It seems that the worst is not over as the token failed to hold $2,500. The data from CoinMarketCap shows that the trading volume of the token fell by 39.52% with a 49.66% drop in the market cap. 

Furthermore, the daily candle for ETH began at $2539, reaching a daily high of $2539.75 and then falling to the daily low of $2431. The current price of ETH is $2434, which is a huge dump as compared to our Ethereum price analysis of January 20, 2022. 

Ethereum price analysis on the daily chart

The Ethereum price analysis on the chart below uses crucial indicators which will hint at the future price trajectory of Ethereum. Despite the bullish sentiment on January 23, 2022, it seems that the selling volumes continue to prevail.

The price action has broken from the lower end of the Bollinger Bands, an event that was noted by the Ethereum price analysis of January 17, 2022. The chances of ETH reclaiming $3300 are not high, and it seems that we might see lower prices today if selling volumes surge.

The 50-day and 100-day Moving Averages have broken below the price action, which was noted by TheCoinRise on December 4, 2021. This means that the prices will continue on their bearish path for now.

Source: TradingView

The indicator below shows that the ETH holders are selling their tokens in large quantities with a constant downtrend from November. This might present better buying opportunities for investors. 

Source: TradingView

Conclusion

Our Ethereum price analysis on the daily chart can be concluded on a bearish note. However, it is also to be noted an Australian research claims that ETH is a better store of value than BTC, covered by TheCoinRise earlier.