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Ethereum (ETH) Price Analysis for January 28

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Sat, 01/28/2023 - 14:12
Ethereum (ETH) Price Analysis for January 28
Cover image via www.tradingview.com

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The weekend has started neutral as some coins are rising while the rates of others are falling.

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Top 10 coins by CoinMarketCap

ETH/USD

Ethereum (ETH) remains in the green zone, going up by 0.37% over the last 24 hours.

ETH/USD chart by TradingView

Despite the rise, the price has broken the local support level of $1,578. If buyers cannot return it to the channel, one can expect a further drop to the $1,550 zone shortly.

ETH/USD chart by TradingView

On the daily time frame, the rate is slowly approaching the support level at $1,533 against declining volume. Currently, one should pay attention to the interim level at $1,600, as it plays a key role in terms of further growth. If bulls fail to restore the price, the drop may lead to a test of the $1,480-$1,520 zone.

ETH/USD chart by TradingView

On the bigger time frame, the price is in the wide channel, which means that ongoing sideways trading in the range of $1,550-$1,650 is the more likely scenario.

Ethereum is trading at $1,573 at press time.

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