Ethereum (ETH) Price Analysis for January 24

Most of the coins are trying to return to the bullish zone, according to CoinStats.

ETH/USD

The rate of Ethereum (ETH) has gone up by 2% over the last day.

On the hourly chart, the price of ETH is on the way to the local resistance at $2,970 after a false breakout of the support.

If bulls’ pressure continues, traders may witness a test of the $2,980-$2,990 range tomorrow.

On the bigger time frame, the rate of the main altcoin is within yesterday’s candle, which means neither bulls nor bears are dominating. In this regard, consolidation in the narrow range of $2,900-$3,000 is the more likely scenario.

From the midterm point of view, bulls have failed to maintain the rise after the previous bullish bar closure. If the candle closes around the current prices or below, the decline is likely to continue to the support at $2,624 next month.

Ethereum is trading at $2,963 at press time.

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