Ethereum price analysis: ETH remains at $2.4K, down by 18% this week

Ethereum price analysis for Jan 28, 2022, is not as bullish as compared to Bitcoin, which has been down by 7% in the last 7 days. On the other hand, ETH has been down by nearly 18% in the last 7 days. Despite Australian research supporting ETH being a store of value, the token isn’t performing as well as BTC. 

The data from CoinMarketCap shows that if the selling volume increases, the world’s second-biggest cryptocurrency might drop to $2.2K. The trading volume has decreased by 28.79% in the last 24-hours while the market cap surged by 0.20% in the same time period. 

As per Ethereum price analysis for Jan 26, 2022, ETH had reclaimed $2.6K but fell below $2.4K in the last 24 hours. Once again, the ETH token is aiming for $2.6K and continues its journey towards $3K. Moreover, the daily candle for today started the day at a price of $2424, reached a daily high of $2446, and then fell to the daily low of $2360.

Ethereum price analysis on the daily chart

As per our Ethereum price analysis on the daily charts below, the ETH token’s price trajectory is still following a downtrend. The price action is situated in the lower end of the Bollinger Bands and might break out from the lower end if selling volumes surge. We saw the same scenario in the Ethereum price analysis for Jan 23, 2022.

Source: TradingView

The A/D line shows that the accumulation of Ethereum is closer to an all-time high, which means that a change of trend might happen soon, which might turn all of the altcoins, including Ethereum, bullish. 

However, the token is still in the oversold levels, as seen in the price chart below. The RSI has been showing oversold levels as per our previous Ethereum price analysis as well.

Source: TradingView

Conclusion

Ethereum price analysis can be concluded on a bearish note for the short term. Since all the indicators are bearish and ETH is being oversold, investors might take advantage of lower prices and buy the dip. However, we need ETH to break above $3K to confirm an uptrend.