ETH/USD are trading at 3314 and continue to move within the framework of the development of the correction and the bearish channel. Moving averages indicate a short-term downward trend in Ethereum. Prices are testing the area between the signal lines again, indicating pressure from sellers and a potential continuation of the asset’s price decline from current levels. At the moment, we should expect an attempt to develop the coin’s growth and a test of the resistance level near the 3555 area. From where we should again expect a downward price rebound and a continuation of the Ethereum rate decline with a potential target below the 2405 level.
Ethereum Forecast and Analysis for January 23, 2025
An additional signal in favor of a fall in ETH/USD quotes will be a test of the resistance line on the relative strength indicator. The second signal will be a rebound from the upper border of the bearish channel. The cancellation of the cryptocurrency fall option will be a strong increase in the Ethereum value and a breakout of the 3795 level. This will indicate a breakout of the resistance area and continued growth of ETH/USD quotes to the level of 4275. With a breakout of the support area and closing of quotes below the 3085 mark.
Ethereum Forecast and Analysis for January 23, 2025 suggests an attempt at a bullish correction and a test of the resistance area near the 3555 level. Where should we expect a rebound and continued fall of the ETH/USD cryptocurrency to the area below the 2405 level. An additional signal in favor of a decline in Ethereum will be a test of the trend line on the relative strength indicator. The cancellation of the digital currency fall option will be a breakout of the 3795 area. Which will indicate continued growth of the digital currency with a potential target above the 4275 level.
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