Ethereum Price Analysis: January 23

Ethereum price registers new ATH in charts. However, despite the corrections and its strong correlation with Bitcoin, ETH manages to keep its losses to a minimum.

Interestingly, over the past week Ethereum has seen its price consolidate. He’s trading sideways, while staying within the narrow limits of his immediate resistance and support. However, in the coming week, is the coin likely to experience a larger price correction? And will it be able to maintain its position near the $ 1,000 price point?

At the time of going to press, Ethereum was trading at $ 1,255. The cryptocurrency has a 24-hour trading volume of $ 33 billion, with the same increase of almost 4.5% over the past week.

Ethereum 1 day chart

Source: ETH / USD, TradingView

According to Ethereum’s one-day chart, ETH has seen its price move. However, it is important to note that in the past 24 hours the coin’s immediate support has been breached, despite the rebound in charts. The coin also registered another strong support around the $ 932 and $ 789 price range.

Given the general market sentiment, ETH is unlikely to hit the $ 789 price point. However, in the coming week a move to $ 932 cannot be reduced. For traders, this presents an opportunity to open a short position as the coin seemed likely to see a price drop ahead.

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