Ethereum (ETH) Price Analysis for January 11

Is the correction of Ethereum (ETH) coming to an end?

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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of CryptoComes. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

The cryptocurrency market may have entered a long-term correction as all of the top 10 coins are in the red zone.

Top 10 coins by CoinMarketCap
Top 10 coins by CoinMarketCap

The dump of the most coins has affected cryptocurrency market capitalization, which has dropped below the $1 trillion mark.

Cryptocurrency market capitalization
Cryptocurrency market capitalization

The relevant data for Ethereum is looking the following way:

  • Name: Ethereum

  • Ticker: ETH

  • Market Cap: $119,671,017,107

  • Price: $1,047.85

  • Volume (24h): $50,688,637,720

  • Change (24h): -19.26%

The data is relevant at press time.

ETH/USD: Can one expect one more decline below $1,000 before continued growth?

Last Saturday, buyers consolidated in a sideways range at the level of average prices. On Sunday, bulls were able to set a new January high around the $1,353 mark.

ETH/USD chart by TradingView
ETH/USD chart by TradingView

On Sunday afternoon, the Ether price returned to the hourly moving average EMA55 and, tonight, the bears pushed through this support. By morning, they were close to the retest of the psychological level of $1,000.

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At the moment, the price bounced to the area of ​​$1,100. If bearish pressure stops at the same time, the pair will recover to the area of ​​average prices. If the bearish momentum repeats, the pair will roll back to the support at $890.

ETH/USD chart by TradingView

On the 4H chart, bears are showing power, and there is no signal of a bounceoff at the moment. From the technical point of view, the drop may continue to the support at $890, where bulls may seize the initiative in the short-term case.

ETH/USD chart by TradingView
ETH/USD chart by TradingView

On the bigger chart, the area around $700 may the be point where a potential bounceback may occur. However, at the moment, sellers are controlling the situation based on the high trading volume.

Ethereum is trading at $1,027 at press time.

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Denys Serhiichuk

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others, can be contacted at [email protected]