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    Home » ETH » Ethereum Price Analysis: ETH Bounces 10% But Is the Pain Over?

    Ethereum Price Analysis: ETH Bounces 10% But Is the Pain Over?

    Author: Duo Nine

    Last Updated Jan 25, 2022 @ 12:24

    After a significant selloff, ETH has found support on the $2,200 level and is currently attempting a recovery.

    Key Support levels: $2,200, $1,900.

    Key Resistance levels: $2,550, $3,000

    ETH has rallied 10% after touching the $2,200 support level yesterday. Now, the cryptocurrency is moving towards the critical resistance at $2,550, where the price was previously rejected. If it manages to move above this level and turn it into support, then it has a good chance to go higher and recover some of the most recent losses.

    Technical Indicators

    ETHUSD_2022-01-25_13-15-03
    Chart by TradingView

    Trading Volume: The volume has been high in the past few days and favored the sellers. However, as ETH has reached oversold conditions, the immediate trend may change and put ETH back on the uptrend.

    RSI: The daily RSI is in the oversold area at 26 points. It is likely to leave this extreme position soon as ETH attempts a relief rally.

    MACD: While the daily MACD is bearish, the histogram today has made a higher low. If this is maintained, then ETH may reverse course soon and attempt to break the key resistance.

    ETHUSD_2022-01-25_13-15-35
    Chart by TradingView

    Bias

    The bias for ETH is currently bearish. While the indicators remain bearish, a reversal is becoming likely. A break of the key resistance would confirm that and change the bias.

    Short-Term Price Prediction for ETH

    The most probable scenario right now is for ETH to attempt a break of the key resistance at $2,550. If successful, then it can enter a sustained rally towards $3,000. If the price is rejected again by the resistance, then the key support at $2,200 should provide a good defense.

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    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

    Cryptocurrency charts by TradingView.
    Tags: Ethereum (ETH) Price
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    About The Author

    Duo Nine
    More posts by this author

    Duo Nine is a seasoned cryptocurrency technical analyst with over five years of experience in price action trading. After buying his first Bitcoin in 2014, Duo never left the blockchain ecosystem. You will find him posting charts most of the time and hanging out on his Discord crypto community. Contact: Twitter

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