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Ethereum (ETH) Price Analysis for January 4

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Thu, 4/01/2024 - 15:30
Ethereum (ETH) Price Analysis for January 4
Cover image via www.tradingview.com

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Some coins have returned to the green zone, according to CoinStats.

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ETH chart by CoinStats

ETH/USD

The rate of Ethereum (ETH) has increased by 0.24% since yesterday.

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Image by TradingView

On the hourly chart, the price of ETH is looking bullish as it is on the way to test the resistance of $2,246. If the daily bar closes near it or even above, the accumulated energy might be enough for a breakout followed by a move to the $2,280-$2,300 zone.

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Image by TradingView

A less positive situation is on the bigger time frame. The rate is in the middle of the wide channel, which means that neither buyers nor sellers are dominating. 

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In this case, sideways trading between $2,200 and $2,300 is the more likely scenario.

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Image by TradingView

On the weekly chart, the picture is similar. If the candle closes around the current prices, traders are likely to expect a consolidation around the $2,200 zone next week.

Ethereum is trading at $2,238 at press time.

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