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Ethereum (ETH) Price Analysis for January 2

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Mon, 2/01/2023 - 15:12
Ethereum (ETH) Price Analysis for January 2
Cover image via www.tradingview.com

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In the first week of 2023, the cryptocurrency market is about to start in the green zone.

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Top 10 coins by CoinMarketCap

ETH/USD

The rate of Ethereum (ETH) is rising faster than Bitcoin's (BTC), going up by 1.66% over the last 24 hours.

ETH/USD chart by TradingView

On the local chart, the price of Ethereum (ETH) has started the day with a sharp rise, forming the support at $1,199. However, the rate found difficulties at the resistance at $1,219.

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If the price does not decline to the middle of the channel, the upward move may continue tomorrow.

ETH/USD chart by TradingView

On the bigger time frame, the rate of Ethereum (ETH) has broken the nearest resistance level at $1,205.60. If buyers can hold the gained initiative and keep the price above the aforementioned mark, the rise may lead to a test of the $1,236 level.

ETH/BTC chart by TradingView

Ethereum (ETH) is also looking bullish on the daily chart. Currently, one should pay attention to 0.072676. If the candle fixes above that mark, the rise may continue to the next resistance at 0.07349.

Ethereum is trading at $1,215 at press time.

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