Connect with us


Ethereum Price Analysis: 31 January



Source: Pixabay

DisclaimerThe findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice

The second-largest cryptocurrency, Ethereum [ETH] has remained unimpacted by Bitcoin’s volatility over the past couple of days. The value of the digital asset has managed to stay above the $1,322 support and was currently trading at $1,340.

Ethereum 6-hour chart

Source: ETHUSD on TradingView

The above chart of Ether indicated that it has been consolidating between $1,322 and $1,396 in the short-term. The price witnessed a push to $1,451 when Bitcoin surged but immediately retraced to $1,297. It found support at $1,322 after testing it twice and might be heading for a third round.

Ether was noting a rise from the seller’s end at the time of press, but the drop may not be as drastic. However, one may not rule out Bitcoin’s volatility yet, as it could cause a price swing.


As the value of ETH retraced between the immediate support and resistance, the 50 moving average also intertwined with the candlesticks. However, as the selling pressure increases, the 50 moving average has shifted above the candles.

The Relative Strength Index did not swing but maintained its move along the equilibrium zone. The sellers and buyers were equal in the market but the dropping RSI value at 42 reaffirmed the selling pressure evolving in the market.

The reason for a minimal drop was also due to the low momentum visible in the above chart. The Awesome Oscillator was showing that the length of the green and red bars had reduced to almost zero. Thus, even if the price drops, the momentum may limit the drop.


Ethereum’s market though slightly bearish might witness a $10 to $20 drop and bounce back. The support of $1,322 has been strong and the price may continue within the current bracket. Traders might want to watch out for Bitcoin’s volatility which will always impact the alts.

Read the best crypto stories of the day in less than 5 minutes

Subscribe to get it daily in your inbox.

Please select your Email Preferences.

Namrata is a full-time journalist at AMBCrypto covering the US and Indian market. A graduate in Mass communication, while majoring in Journalism, she writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.

Click to comment

Leave a Reply

Your email address will not be published.

Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.