Ether experienced a sharp 20.7% weekly correction between January 6 and January 13, dropping to a low of $2,924 and resulting in $395 million in liquidated leveraged long positions. This significant downturn dampened bullish sentiment. However, contrary to expectations, derivatives data reveals continued robust interest from both retail and institutional investors, suggesting that confidence in Ether’s long-term potential remains strong. Ether’s ability to reclaim $3,600 or higher is closely tied to progress on Ethereum’s roadmap. However, a growing trend among decentralised finance (DeFi) users toward more centralised platforms with lower fees poses a challenge to Ethereum’s foundational decentralised principles.
At the time of writing, ETH was trading at $3,165.
ETH, after reaching a recent high of $4,107, experienced a sharp correction. The asset failed to sustain and close above the $4K mark, causing prices to plunge by nearly 29%, reaching a weekly low of $2,920. The longer lower shadow around the key support level of $3,000 suggests buying interest at these levels. If the asset manages to hold and sustain above the $3,000 mark, we may see the bulls resume the upward movement.
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2 |
| $2,850 | $3,000 | ETH | $3,500 | $3,750 |
In the grand scheme of things, ZebPay blogs is here to provide you with crypto wisdom. Click on the button below and discover endless features on ZebPay!
