Ethereum Technical Analysis Report | 28th January 2025

blockchain
Crypto
ETH
Ethereum

Ethereum has seen a nearly 7% decline in January, diverging from the broader crypto market and Bitcoin’s upward trajectory. The second-largest crypto dropped 6.7% this month, falling from a January 1 peak of $3,400 to an intraday low of $3,170 by January 27. Despite this subdued performance, historical data suggests a brighter outlook, as February and March have traditionally been strong months for Ethereum. Analysts and supporters remain optimistic about its prospects, viewing the current dip as part of a larger, bullish narrative for the asset.

At the time of writing, ETH was trading at $3,190.

ETH witnessed a sharp correction, with prices plunging by nearly 29% from last month’s high of $4,107 to $2,920. The asset tested the $3,000 support but did not close below that level on a daily basis. The longer lower shadow indicates buying activity around these levels. ETH is facing strong resistance at $3,500. Once it breaks and closes above $3,500 with strong volume, we can expect it to rally further, potentially reaching $4,000.

  Support 2Support 1AssetResistance 1Resistance 2
$2,850$3,000ETH$3,500$3,750

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