Ethereum price analysis for today comes with a ray of hope for investors as the world’s second-biggest cryptocurrency tries to reclaim the price levels it had earlier lost. As predicted by TheCoinRise, there was more pain to come for Ethereum investors.
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The data from CoinMarketCap shows that the trading volume of the token dropped by nearly 21.23% in the 24-hours, followed by a 5.04% rise in the market cap, which stands at $301 billion at the time of writing.
The price of Ethereum fell below the important support of $3,300 as per the Ethereum price analysis of Jan 17, 2022. The prices for Jan 23 started the day at $2412, reaching a daily high of $2556 from a daily low of $2385.90. The current price of Ethereum is $2528, up by nearly 5% in the last 24 hours.
Ethereum price analysis on the daily chart
Ethereum price analysis on the daily chart shows that the 50-day and 100-day Moving Averages continue to progress above the price action, which is a bearish scenario for the token. On the other hand, the price action broke out from the lower end of the Bollinger Bands while buyers were taking advantage and entering the market.
The RSI indicator on the chart below shows that the ETH token is in the oversold region, which means that this might be the best time to buy Ether tokens. As reported earlier by TheCoinRise, ETH is very popular with investors, and we can expect higher prices soon for ETH.
Conclusion
Ethereum price analysis for Jan 23, 2022, is optimistic. However, it could be said that the investors were happier when Ethereum was aiming for $5,000. However, the complete scenario is not totally bearish for the token as Bitcoin price analysis for Jan 23, 2022, suggests that Bitcoin is also aiming for higher prices.
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