ETH Price Analysis January 2023

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ETH is a token of the platform Ethereum. Its current price is around $1,567.52 at the time of writing, with a low of $896.11, and it has a market cap of 191 billion dollars.

What is Ethereum (ETH)?

ETH is the coin of the Ethereum platform, which is around $1,567.52 at the time of writing, with a low of $896.11. It reached a high of $3,573.96, and its current ranking is #2, according to CoinMarketCap, with a market cap of 191 billion dollars.

Ethereum is a pioneering decentralized blockchain platform that develops a peer-to-peer network for the secure execution & verification of application codes, known as smart contracts. These smart contracts enable participants to carry out transactions without a centralized authority.

ETH Coin Market Analysis 

ETH has a total supply of 122,373,866 coins worth around $1,567.52 with a market volume of 8 billion dollars, whereas the market capitalization is 191 billion dollars at writing. On Wednesday, prices of Ethereum (ETH) dropped below the support level of $1,600, resulting in a change in sentiment.

Ethereum’s 14-day Relative Strength Index (RSI) has recently dropped to 61, its lowest since January 8. This comes one day after breaking out of a floor at 74.00. There could be a potential support level at 58.00, which might help ETH maintain its price above $1,500 if that area remains strong.

ETH Price Prediction

In the 1D timeframe, the price action of $ETH/USDT rises from the horizontal support zone. Currently, the price is moving below the S/R zone. Ichimoku cloud is also above the price action. Suppose it breaks its S/R zone. Then it can go upward. On the other hand, the price may fall from the S/R zone.

For any time, on-demand analysis on $ETH or any other coin can join our Telegram channel.

Eth Price Analysis
ETH Price Analysis

Closing Thoughts

The Crypto market is known for its volatile nature. According to the above analysis, the coins we discussed might prove to be profitable if other market conditions prevail favorably. We suggest you engage in adequate research before investing in any digital assets.

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Pratyaksh
Pratyaksh

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