Ethereum Technical Analysis Report | 31st January 2023


Buyers failed to take advantage of Ether’s strong rally at the 20-day EMA ($1,520) on Jan 25th, suggesting that the bears are selling on rallies near the overhead resistance at $1,680. Yesterday’s surge brought Ethereum’s rally to its strongest point in a week, but traders used it as an ideal moment to lock in recent gains. Last week, four months after Ethereum transitioned to a proof-of-stake network, over 15.9 million ETH has been staked on the Beacon Chain. The asset is down by 2% while the global volume has risen by almost 27%. Ether’s current market dominance is at 18.45%. 

At the time of writing, ETH was trading at $1,583.5

ETH was trading sideways in a range from $1,050 to $1,300. The asset finally gave a breakout above the range and started moving upwards by forming a ‘Higher High Higher Low’ pattern and rallied up to $1,679. Post this move, the prices started consolidating between $1,525 to $1,650. ETH has strong support around $1,500 (200 Day Moving Average) whereas $1,700 to $1,750 will act as a strong resistance zone for the asset. Hence, to further rally, ETH needs to break, close and sustain above $1,750. 

  Support 2Support 1AssetResistance 1Resistance 2

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