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Ethereum (ETH) Price Analysis for January 8

Can Ethereum (ETH) set an all-time high this week?

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Cover image via www.tradingview.com

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.

At the end of the week, traders might have started fixing their long positions as come coins have already faced the correction phase. Stellar (XLM) is the main loser, falling by more than 10%.

Top 10 coins by CoinMarketCap
Top 10 coins by CoinMarketCap

Meanwhile, the cryptocurrency market capitalization has surpassed 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: $141,184,999,970

  • Price: $1,246.89

  • Volume (24h): $49,455,690,009

  • Change (24h): 2.35%

The data is relevant at press time.

ETH/USD: Can Ethereum set the all-time high this week?

Yesterday morning, the Ethereum (ETH) price held above 1150.00 USD and, during the day, buyers were able to come close to the level of $1,300, setting a new January high at $1,291.

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

In the high zone, sellers formed bearish momentum that knocked down the growing dynamics of the pair and pushed prices back to the hourly EMA55. This evening, the bears were able to push through the average price level and set a local minimum at $1,065.

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In the morning, the pair is trying to recover, but the resistance of the hourly EMA55 does not allow buyers to gain a foothold above the average price level on small volumes. If, during the day, trading volumes remain at a low level, then the pair will fight in a wide sideways range. The range will narrow significantly by the end of the week.

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

On the bigger time frame, one may expect a correction to the mirror level at $1,170. Such a move may occur as the liquidity at current levels is not enough to keep the rise. In addition, the trading volume is going down, implying a short-term drop.

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

On the weekly chart, growth may continue to the far retest level at $1,380 at which a more profound correction may begin. However, it does not mean that bears will seize the initiative in the long-term scenario.

Ethereum is trading at $1,248 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]