Ethereum Technical Analysis Report | 24th-January-2023

ETH is facing rejection at $1,680, but a positive sign is that the bulls have not given way to the bears. This suggests that short-term traders are holding their positions as they anticipate the upside to continue. The second largest asset has been up by a marginal percentage of 0.4, while the global volume has risen by almost 16% to be around $8.31 Billion. Ethereum developers created a ‘shadow fork’ to test conditions for Ether withdrawals with developers attempting to attack the forked testnet with malicious nodes to see if they can find vulnerabilities.

At the time of writing, ETH was trading at $1,637.

Ethereum Chart | 24-01-2023
Ethereum (ETH) Chart

The upsloping 20-day EMA ($1,483) and the RSI in the overbought territory suggest that the path of least resistance is up. A breakout and a close above $1,680 could start the journey to $1,800. This level may act as resistance again, but if the bulls do not allow the price to drop below $1,680 on the next pullback, the likelihood of a rally to $2,000 increases. This positive view could be invalidated in the short term if the price turns down from the current level and falls below the 20-day EMA. The ETH/USDT pair could stay in a range between $1,352 and $1,680 for some time.

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