Ethereum price analysis: ETH falls below $3,300, as market remains bearish

Ethereum price analysis for Jan 17, 2022 is not very optimistic as the token has fallen below $3,300, an important level.

Ethereum price analysis suggests that the world’s second-biggest cryptocurrency is under the influence of bears. The ETH token has decided to follow a bearish downwards trajectory for Jan 17, 2022. 

The data from CoinMarketCap shows that the trading volume of the token rose by 20.26% in the last 24 hours. However, looking at the price trajectory, it seems that the selling pressure has increased. 

Furthermore, as per our Ethereum price analysis via the daily chart, the token opened the daily candle at a price of $3346 and reached a daily high of $3357, and then fell to the daily low of $3237. On the other hand, the price at the time of writing stands at $3262. The price of Ethereum broke $3000 on Jan 12, 2022, as covered by TheCoinRise.

Ethereum price analysis on the daily chart

The Ethereum price analysis on the daily chart suggests that the ETH token is below the 50-day and 100-day Moving Averages while the price action continues to progress in the lower end of the Bollinger Bands. There is also a spike in the selling volume.

Ethereum price analysis
Source: TradingView

The MACD indicator suggests that the MACD line (blue) broke above the signal line (orange). This is a bullish scenario for the MACD indicator. In the last week, Ethereum has outperformed Bitcoin, only by a slight margin, rising by more than 3.90%.

Ethereum price analysis
Source: TradingView

Conclusion

Ethereum price analysis suggests that the loss of the critical $3,300 level might lead the coin to fall back to the $3,000 level. Ethereum broke above $3300 on Jan 15, 2022, but wasn’t able to retain the price level. 

Ethereum has been quite popular for the year 2021. As per the previous report from TheCoinRise, DOGE and ETH have been top 10 news searches on Google for 2021. There are a number of projects and decentralized applications launched on the Ethereum network. The founder of the defunct Silk Road marketplace, Ross Ulbricht, launched an NFT collection on Ethereum.

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