Ethereum (ETH) Price dropped to $2,930 and then corrected higher against the US dollar. The major altcoin is on the rise and a close below $3,200 may spark a strong recovery.
Currently, ETH price extended decline and traded below the $3,050 support. The price dropped below $3k, but the bulls took control near the $2,920 level. The second-largest altcoin is now rising and trading above $3,100. Immediate resistance is near the $3,150 level. The next key hurdle is near $3,200, above which the price might gain strength.
The weekly chart’s 50-week moving average is holding up well following its first test since May 2021. Throughout prior bull cycles, Ethereum has successfully maintained this important support level, which may indicate that a rebound is on the horizon.
To attract buyers, Ethereum needs to reclaim $3,300 as support. Passing through this level of resistance could provide enough bullish momentum to propel ETH to $3,700 or $4,120 by Jan end.
What’s In Store For Ethereum (ETH) Price In Coming Days ?
Justin Bennett, a well-known crypto analyst, gives forecasts for Ethereum in January. Bennett says in a new strategy session that he’s seeking to buy ETH around the $3,000 mark, which is around 4% below current pricing.
Ethereum, according to the crypto expert, has to retake a key level in order to resume its macro bull trend.
” If we do see Etheruem over the coming weeks and months reclaim this area up here at $4,000, I do think we’re going to be a continuation of the trend that we saw in 2021.”
The analyst also looks at Ethereum in relation to Bitcoin (ETH/BTC). According to Bennett, ETH/BTC may be breaking out of a bullish triangle, similar to what it did between 2017 and 2020.
If ETH/BTC can sustain 0.075 BTC ($3,077) as support, the crypto expert believes it will be poised to start a long-term climb to 0.18 BTC ($7,388).