Ethereum (ETH) Price Analysis for January 12

Most of the coins are facing correction today, according to CoinMarketCap.

ETH/USD

Ethereum (ETH) is the only rising coin from the top 10 list, going up by 0.73%.

On the hourly chart, the rate of ETH has made a false breakout of the local resistance of $2,681. If the daliy bar closes far from it, the leading altcoin may also follow the correction of other coins.

In this case, traders might see a test of the $2,600-$2,620 area.

On the bigger time frame, one should focus on yesterday’s peak. If it happens near $2,690, the rise may continue to the $2,750-$2,800 range for the next few days.

From the midterm point of view, the price of ETH is ready to keep growing after a breakout of the $2,447 level. Until the rate is above that mark, there are no bearish signals.

Ethereum is trading at $2,672 at press time.

Source