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Tag: Ethereum

Short Ethereum Liquidations Surge, ETH Eyes $3,000

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The world’s second most dominant digital asset, Ethereum witnessed significant buying pressure on Friday as the cryptocurrency spiked by almost 5% in 24 hours. With rising prices, short ETH trading positions liquidations also increased substantially during the mentioned period.

Q4 2021 volumes have gone up or down and how much?

The data posted by Coinglass shows that more than $50 million worth of positions related to Ethereum were liquidated in the last 24 hours. The number includes the liquidation of approximately $40 million worth of short positions.

Ethereum’s price remained under pressure since November 2021. In January 2022, the crypto asset reached a low of almost $2,100, down by more than 50% from its all-time high in November 2021. Since the start of 2022, Ethereum faced several challenges including the rise in short trading positions around the digital asset.

However, a sudden spike in the crypto market has caused a sharp jump in the liquidation of short trading positions. While ETH topped the list, bearish traders of digital currencies like BTC, LUNA, and SOL also faced the heat with massive liquidations.

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Large Ethereum Transactions

With growing demand and a jump in its price, the Ethereum network saw a spike in $100,000+ transactions. According to Santiment, an on-chain analysis platform, ETH whale transfers have reached the highest level in nearly 1 month.

“ETH has surged back above $2,900 for the first time since March 2nd, and whale transactions are on the rise big time. Yesterday was the first day with over 7,000 $100k+ transactions on the ETH network since the war news broke,” Santiment mentioned in a recent update.

ETH outflows from leading digital exchanges have increased as well. Recently, large Ethereum holders shifted the crypto asset in enormous amounts from exchanges to cold storage. Earlier this week, ETH 2.0 deposit contract crossed 10.4 million staked Ethereum.

The world’s second most dominant digital asset, Ethereum witnessed significant buying pressure on Friday as the cryptocurrency spiked by almost 5% in 24 hours. With rising prices, short ETH trading positions liquidations also increased substantially during the mentioned period.

The data posted by Coinglass shows that more than $50 million worth of positions related to Ethereum were liquidated in the last 24 hours. The number includes the liquidation of approximately $40 million worth of short positions.

Q4 2021 volumes have gone up or down and how much?

Ethereum’s price remained under pressure since November 2021. In January 2022, the crypto asset reached a low of almost $2,100, down by more than 50% from its all-time high in November 2021. Since the start of 2022, Ethereum faced several challenges including the rise in short trading positions around the digital asset.

However, a sudden spike in the crypto market has caused a sharp jump in the liquidation of short trading positions. While ETH topped the list, bearish traders of digital currencies like BTC, LUNA, and SOL also faced the heat with massive liquidations.

Related content

Large Ethereum Transactions

With growing demand and a jump in its price, the Ethereum network saw a spike in $100,000+ transactions. According to Santiment, an on-chain analysis platform, ETH whale transfers have reached the highest level in nearly 1 month.

“ETH has surged back above $2,900 for the first time since March 2nd, and whale transactions are on the rise big time. Yesterday was the first day with over 7,000 $100k+ transactions on the ETH network since the war news broke,” Santiment mentioned in a recent update.

ETH outflows from leading digital exchanges have increased as well. Recently, large Ethereum holders shifted the crypto asset in enormous amounts from exchanges to cold storage. Earlier this week, ETH 2.0 deposit contract crossed 10.4 million staked Ethereum.

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March 19, 2022
Why Ethereum Needs To Clear $2,650 For Hopes of a Fresh Rally
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Ethereum extended decline below the $2,525 support zone against the US Dollar. ETH price remained bid near $2,500 and currently attempting an upside break.
- Ethereum is still struggling to clear the $2,600 and $2,625 resistance levels.
- The price is now trading below $2,600 and the 100 hourly simple moving average.
- There is a key bearish trend line forming with resistance near $2,580 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh decline if it fails to clear $2,625.
Ethereum Price Faces Hurdles

Ethereum started a fresh decline from well the $2,625 zone. ETH traded below the $2,550 and $2,525 support levels to move into the red zone.

The price even spiked below $2,500 and settled below the 100 hourly simple moving average. Ether price traded as low as $2,486 and recently recovered sharply. There was a clear move above the $2,525 and $2,550 resistance levels.

The bulls pumped the price above the 50% Fib retracement level of the recent decline from the $2,624 swing high to $2,486 low. It is now facing resistance near the $2,580 level.

There is also a key bearish trend line forming with resistance near $2,580 on the hourly chart of ETH/USD. The trend line is close to the 61.8% Fib retracement level of the recent decline from the $2,624 swing high to $2,486 low.
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Source: ETHUSD on TradingView.com
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The first major resistance is seen near the $2,625 level. The next major resistance is near the $2,650 level. A close above the $2,650 resistance could start a steady increase. In the stated case, the price might rise towards the $2,750 level.

Fresh Decline in ETH?

If ethereum fails to start a fresh increase above the $2,625 level, it could start another decline. An initial support on the downside is near the $2,550 level.

The next major support is near the $2,500 level. A close below the $2,500 support zone could even push the price below $2,480. The next major support might be near the $2,420 level, where the bulls might take a stand. If they fail, there is a risk of a move towards the $2,350 level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now gaining pace in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 level.

Major Support Level – $2,500

Major Resistance Level – $2,650
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March 14, 2022
Ethereum Sports Bearish Signals As Crypto Market Shifts Back Into Fear
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Ethereum has mostly mirrored bitcoin’s run in the recent rally. This has seen the digital asset break as high as $3,000 once again for the year. This point which has proved elusive for the cryptocurrency has continued to give it a hard time. In previous times, Ethereum has had a had time staying above this level. Such has been the case this time around as it fails to secure its spot above e$3K.

Ethereum On The Decline

Like all other cryptocurrencies, Ethereum is a highly volatile asset and as such is subject to wild fluctuations in its price. For the last few months, it has fluctuated but remained mostly around the $2,600 to $ 2,800=0 level. With the recent rally, it was finally able to break out of this trend and begin a whole new one, one which saw it rise above the coveted $3K level.

Related Reading | TA: Ethereum Prints Bearish Pattern, Why It Could Correct To $2.8K

Nevertheless, this recovery would prove to be short-lived given that ETH could not maintain this position. Meeting fierce resistance from the bears at the $3,000 point, the digital asset was unable to form any meaningful support above it. This meant that the price crumbled below it but it would prove to be a continuous downward trend given the current indicators.

The fall below $3k saw the digital asset trading below its 50-day moving average. Now, this is an incredibly important point for cryptocurrencies in general given their high volatility. Since buyers are unwilling to purchase the digital asset at prices they did over the past few weeks, it indicates that Ethereum is still a seller’s market. Thus, it is expected that there will be a continuous downtrend as more coins are dumped on the market.
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ETH falls below $3k | Source: ETHUSD on TradingView.com
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This however does not spell bad news all around though. A market like ETH’s can quickly switch up and turn into a buyer’s market, especially when prices are as low as they are right now. If this happens, then Ethereum could very well see another 10% bounce that will cement its position above the $3k resistance point.

Market Sentiments Falls To Fear

The Fear & Greed Index had moved out of the fear territory back into a neutral point at the start of the week but this new wave of positive sentiment did not hold. The index has now moved back into fear at a current score of 39 as at the time of this writing, showing that despite recent rallies, investor sentiments are still more negative than anything.

Related Reading | Terra (LUNA) Outperforms Popular Cryptos Ether, Dogecoin In The Past 24 Hours

Ethereum and the crypto market are directly affected by investor sentiment as they show when investors are likely to put money in the market. Currently, with the index in fear, it shows that investors are very wary of putting money in the market. However, this does not necessarily spell bad news for ETH.
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Market sentiments drop to fear | Source: Alternative.me
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Usually, when most investors are fearful, it can present a good buying opportunity. In the past, whales have been known to take advantage of moments like these to fill their bags. If so, then ETH can kickstart another rally. But only a large absorption of current supply can start the digital asset on this path.
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Featured image from CNBC, chart from TradingView.com
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March 3, 2022
Ferrum to integrate Ethereum L2 solution zkSync in its crypto ecosystem
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Ferrum Network, a cross-blockchain service company & ecosystem, has now announced it will integrate the zkSync Ethereum layer-2 scaling solution into its suite of products. This synergy comes following Ferrum’s participation in the Series B round for Matter Labs, creator of zkSync.

zkSync is a user-centric zero-knowledge (ZK)-rollup platform for Ethereum and is live on the mainnet.

Recent funding into layer-2 scaling provider Matter Labs came from Ferrum Network’s investment arm, Ferrum Ventures. Matter Labs and its ZK-rollup system — zkSync — will now be integrated into Ferrum Network’s products and ecosystem.

Matter Labs / zkSync

Matter Labs is a pioneer of zero-knowledge rollups. The organization launched the first-ever public ZK-rollup prototype in early 2019, was the first to implement recursive ZK proofs on Ethereum, and created the world’s first practical FPGA-based hardware for ZKP acceleration in 2020.

Recently, Matter Labs announced the first EVM-compatible ZK-rollup on Ethereum’s public testnet, allowing developers to deploy existing Solidity applications to a highly scalable, low-cost environment without sacrificing the security or decentralization provided by Ethereum.

“When you really think about it, most of us in this space are here because of Ethereum. Ferrum’s mission has always been to breakdown barriers to mass adoption… and scaling Ethereum is one of the most important milestones in doing so. It’s a bit poetic to have zkSync — a project uniquely positioned to scale Ethereum — as our first official Ferrum Ventures investment.”
– Ian Friend, Co-Founder & COO at Ferrum Network

Integration of zkSync with Ferrum Network

Staking-as-a-Service

Ferrum will be integrating its Staking-as-a-Service products with zkSync, these products include:
- Traditional Staking
- VIP Staking
- NFT Staking
- Multi-Asset Staking
- LP Staking
These products can foster an enormous amount of TVL on the network and provide a layer of utility for all projects who choose to deploy them.

InfinitySwap

Secondly, Ferrum will be integrating its multi-chain aggregator — InfinitySwap with zkSync.

This will allow for multi-chain swaps for assets deployed on zkSync making these assets more composable and helping to port liquidity to the network. InfinitySwap will look to source the volume transacted across the protocol by leveraging the LPs of DEXs on the zkSync network.

The ultimate goal of InfinitySwap is to become a smart routing multi-chain aggregator that solves the problem of fragmented liquidity by routing fractionalized transactions toward optimal arbitrage opportunities across multiple networks and DEXs.

“At Matter Labs, we’re humbled by the talented teams that wish to work with us in helping usher in the future of open finance. We considered Ferrum Ventures to be a talented team strongly aligned with our mission and values, and look forward to witnessing the impact they’ll have.”
– Tyler Perkins, CMO at Matter Labs

zkSync enters the Ferrum ecosystem

Ferrum Network will also extend the benefits of zkSync across its ecosystem with:
- Iron Alliance – Matter Labs and zkSync will be part of the Iron Alliance — Ferrum Network’s official group partners. Projects in the alliance will have access to the team at Matter Labs and vice versa.
- Ferrum Advisory Services – Projects incubated by Ferrum Advisory Services will also have direct access to the team at Matter Labs and developer support programs when building on zkSync.
“We couldn’t be more thrilled to be joining forces with Matter Labs and zkSync as they embark on a mission to scale Ethereum. We’ll look to facilitate the process via our stake through Ferrum Ventures, our suite of products, and introducing them to the Iron Alliance. Stay tuned!”
– The Ferrum Network Team
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March 3, 2022
Polkadot Electricity Consumption Is Less Than Solana, Bitcoin, And Ethereum
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Electricity consumption has been one of the major concerns with the advent of cryptocurrencies especially Polkadot. Though with models running with the Proof-of-Stake (PoS) consensus mechanism, this electricity use seems to be minimal since their process for transaction validations is staking. But the story is not the same for those running with Proof-of-Work (PoW) such as Bitcoin.

Mining is the associated process through which the PoW models could validate their network transactions. However, the process consumes lots of electricity as it uses highly computational equipment to solve cryptographic puzzles.

DOT sits at $18 Source: DOTUSD on TradingView.com

This high energy consumption led to several crackdowns on crypto mining in different countries, especially Bitcoin, in 2021. The move was in line with the argument that such practices facilitate environmental pollution.

This concern on energy consumption propelled the Crypto Carbon Ratings Institute (CCRI) to research the rate of electricity consumption by some blockchains. CCRI studied some networks like Solana, Bitcoin, Ethereum, and Polkadot in its research.

Related Reading | Lessons From Reason’s “The Fake Environmentalist Attack on Bitcoin” Mini-Doc

Based on the results from CCRI research, Polkadot, the strong competitor of Ethereum, emerged as the network with the least electricity consumption compared with Ethereum, Solana, Bitcoin, and other top cryptocurrencies.

This indicates that Polkadot minimally impacts environmental and climatic changes and pollution more than the other networks. According to the CCRI rating, Polkadot’s energy consumption is 6.6 times the annual value of electricity used by an average U.S. family.

A blockchain’s electricity consumption stands as a high determinant factor of its capital inflow from institutional investors. This formed Tesla’s 2021 move against Bitcoin as the electric car company suspended BTC as one of its payment options. The car giant cited BTC mining’s environmental impact as totally unacceptable.

Among all the networks involved in the research, Bitcoin shows the highest energy consumption. Next in the line are Ethereum, Solana, Cardano, Algorand, Avalanche, and Tezos.

Polkadot Announces Pioneers Prize Program

Polkadot has announced its Pioneers Prize Program in a recent move for more technological innovation within its ecosystem. This program is packed with $20 million rewards. The picking of winners will be through a series of challenges and some set prizes. It’s part of the network’s plan to facilitate the growth of its ecosystem and Web3.

The field and general outlook of the network have put DOT on a bullish trend for investors. The contributory influences are coming from Polkadot’s rating of low electricity consumption and its Pioneers Prize Program.

Related Reading | Bitcoin On-Chain Demands Suggests That The Market Has Reached Its Bottom

From analysts’ evaluation of the Polkadot price trend, the protocol has rounded off both its retest and breakout. Most of them think that the DOT has moved to its buy zone.
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Featured image from Pixabay, chart from TradingView.com
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February 17, 2022
Ethereum Whales Quietly Filled Up On ETH While Broader Market Panicked
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Ethereum crumbled with the market during the last crash and is yet to recover to previous levels. The crash was characterized by sell-offs and liquidations from all angles, which continued even when the price dumped further. Fear of a bear market sparked this as investors wanted to get out before the price fell further. But not everyone followed this trend of dumping.

Whales have always been known to move differently from smaller investors when it comes to the crypto market and this time was no different. While investors panic sold their holdings at low prices, these whales quietly gobbled up the ETH being dumped on the market, increasing their dominance in the market once again.

Whales Fill Up On ETH

In the last few weeks, whales have taken advantage of the declining market values to buy cryptocurrencies at what can be essentially said to be a discount. The price of Ethereum had dumped as low as $2,100 following the crash, leaving even more room for the whales to increase their holdings. Smaller investors had followed suit but only after whales had bought hundreds of millions of dollars worth of ETH.

Related Reading | Bitcoin Whales Take Advantage Of Market Crash To Gobble Up Millions In BTC

During this time, the number of addresses holding more than 10,000 ETH on their balances had also increased significantly. These whales had altogether purchased more than $500 million in ETH in only a couple of weeks.
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ETH recovers to $2,400 post-crash | Source: ETHUSD on TradingView.com
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This renewed support from whales and smaller investors had worked to slow down the decline of the digital asset. But proved to be not enough to spark a rebound back up to previous values. Despite growing support from these large investors, the market has remained in extreme fear, pointing to intense wariness from investors. This has caused them to hold back from putting any more money in the market.

Ethereum Struggles To Stay Afloat

Since the crash towards the low $2,100, Ethereum has had a hard time recovering in the market. While a bounce-back that was triggered by pioneer cryptocurrency bitcoin saw it recover above $2,400, it has not recorded much in the way of upward momentum since then.

Related Reading | Which Cryptocurrencies Suffered The Worse Collapse Since All-Time Highs?

Indicators point to the week playing out with continued low momentum for the second-largest cryptocurrency by market cap. It had previously tested the $2,700 point on Wednesday but had promptly taken a beating down that brought it back to $2,400.

ETH is trading below its 5-day, 20-day, 100-day, and 200-day moving averages for the first time in a year. Market sentiments remain bearish with more downtrend expected to come as support from whales taper off.

As of the time of writing, the digital asset is trading at $2,461, down 2.97% in the last 24 hours. Trading volume is up significantly over the same time period but is yet to translate into a higher value for the asset.
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Featured image from Nairametrics, chart from TradingView.com
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January 27, 2022
Market May Be Suffering But Bitcoin And Ethereum Will Pull Back Stronger, Bloomberg Analyst
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Bitcoin and Ethereum have led the market in the recent downturns that have rocked the market. These two digital assets are no doubt market movers in their own right and as such, uptrends or downtrends begin with them. It has raised concern among investors who believe that the market is finally heading into a stretched-out bear market. However, not everyone believes this as some believe the current downtrend is only temporary.

Mike McGlone On Bitcoin And Ethereum

Mike McGlone is one of the leading Bloomberg analysts. Focused on the financial market, he authors a newsletter that shares his thoughts around various markets, including stocks and the crypto market. McGlone is currently one of the people with the most optimistic view of the market despite the various dips that have rocked the space. Most especially on the top digital assets in the crypto market.

Related Reading | Solo Ethereum Miner Hits The Jackpot With 170 ETH For Mining A Block

McGlone who was on The Wolf of all Streets podcast shared some interesting thoughts on the market, putting the analyst at an overall bullish position for bitcoin and ethereum.
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BTC down to $38K | Source: BTCUSD on TradingView.com
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The analysts point to the correlation with the stock market. This, he explains, is getting ready for a pullback and when this happens, bitcoin and by extension, ethereum, would benefit from this correction.

“Here’s my prediction: the markets pull back,” said Mike McGlone. “We finally get a 10%, maybe 20%, correction in the stock market. All correlations are one, which is usually the way it works. Bitcoin comes out better off for it. Ethereum, potentially too.”

This pullback though is only reflected on the top two cryptos which McGlone expects to recover after this.

Other Cryptos May Not Fare Well

Talking about other cryptocurrencies, the analyst took a more bearish stance on them. The positivity displayed in the podcast towards top coins bitcoin and ethereum did not translate to the rest of the market which he does not expect to fare well despite the pullback.

Related Reading | Ethereum Fee Averages Remain Above $30 Despite 35% Drop. Price Pump Incoming?

McGlone especially focused on dog coins which were arguably the winners of 2021. The craze which saw various meme tokens with no utility whatsoever soar to billions of dollars in valuation was referred to as “stupid” by the Bloomberg analyst.

“The rest of the space, we do have to admit, the speculation you saw in the dog coins last year was indicative of this. It’s just stupid and we’re going to tell the story to our grandkids,” he said.

Even for a digital asset like Solana which had a largely successful year, McGlone did not seem excited about it. He lumped SOL in with the dog coins, which he said were the riskiest of assets. “The bottom line is they are the riskiest of assets,” said McGlone. “There’s massive speculation. I mean the dog coins and even in things like Solana,” he added.
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Featured image from Bitcoin news, chart from TradingView.com
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January 21, 2022
Ethereum Plunges, Can Buyers Save The Key $3K Support?
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Ethereum extended decline below the $3,100 support zone against the US Dollar. ETH price must stay above $3,000 to avoid a sharp decline.
- Ethereum extended decline below the $3,120 and $3,100 levels.
- The price is trading below $3,150 and the 100 hourly simple moving average.
- There is a key bearish trend line forming with resistance near $3,140 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a decent increase if there is a clear move above the $3,200 resistance zone.
Ethereum Price Keeps Struggling

Ethereum failed to settle above $3,200 and extended decline below the $3,120 support zone. ETH even broke the $3,080 level and settled below the 100 hourly simple moving average.

A low is formed near $3,050 and currently correcting losses. There was a minor recovery wave above the $3,100 level. Ether price climbed above the 50% Fib retracement level of the recent decline from the $3,195 swing high to $3,050 low.

The first major resistance is near the $3,135 level. There is also a key bearish trend line forming with resistance near $3,140 on the hourly chart of ETH/USD. The trend line is near the 61.8% Fib retracement level of the recent decline from the $3,195 swing high to $3,050 low.
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Source: ETHUSD on TradingView.com
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If there is an upside break above the trend line, the price could rise towards the $3,190 resistance zone and the 100 hourly simple moving average. The next major resistance is near the $3,200 level, above which ether price could gain bullish momentum. In the stated case, the price could rise towards $3,300 in the near term.

More Losses in ETH?

If ethereum fails to start a fresh increase above the $3,150 level, it could continue to move down. An initial support on the downside is near the $3,080 level.

The first key support is now forming near the $3,050 level. A downside break below the $3,050 level might even spark a move below the $3,000 level. The next major support for the bulls may perhaps be near the $2,880 zone. Any more losses could push the price towards the $2,750 level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing pace in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now near the 50 level.

Major Support Level – $3,050

Major Resistance Level – $3,150
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January 20, 2022
Ethereum Dips Turn Attractive, Bulls Could Aim $3,500
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Ethereum gained pace above the $3,250 zone against the US Dollar. ETH price is correcting gains from $3,400, but dips might be limited in the near term.
- Ethereum started a strong increase above the $3,250 resistance zone.
- The price is trading above $3,250 and the 100 hourly simple moving average.
- There is a major bullish trend line forming with support near $3,300 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if there is a clear break above the $3,380 resistance zone.
Ethereum Price Gains Momentum

Ethereum started a strong increase above the $3,250 resistance zone. ETH even broke the $3,300 resistance zone and the 100 hourly simple moving average to move further into a positive zone.

The bulls even pumped the price above the $3,350 level. Ether price spiked above the $3,400 level and a new weekly high is formed near $3,412. It is now correcting gains and trading below $3,360. There was a break below the 23.6% Fib retracement level of the recent upward move from the $3,206 swing low to $3,412 high.

Ether price is now trading above $3,250 and the 100 hourly simple moving average. There is also a major bullish trend line forming with support near $3,300 on the hourly chart of ETH/USD. On the upside, an immediate resistance is near the $3,380 level.
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Source: ETHUSD on TradingView.com
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A clear move above the $3,380 level might start another increase in the near term. The next major resistance is near the $3,420 level, above which ether price could test $3,500. Any more gains could send the price towards the $3,550 level in the near term.

Dips Limited in ETH?

If ethereum fails to start a fresh increase above the $3,380 level, it could start a downside correction. An initial support on the downside is near the $3,320 level. The first key support is now forming near the $3,300 level.

It is near the 50% Fib retracement level of the recent upward move from the $3,206 swing low to $3,412 high. A downside break below the $3,300 level push the price towards the trend line support. Any more losses could lead the price towards $3,200.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly losing pace in the bullish zone.

Hourly RSI – The RSI for ETH/USD is above the 50 level.

Major Support Level – $3,300

Major Resistance Level – $3,380
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January 13, 2022
Ethereum Prints Bullish Technical Pattern, Why Close Above $3,200 Is Critical
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Ethereum fell to $2,930 before correcting higher against the US Dollar. ETH price is rising and a close above $3,200 could spark a strong recovery.
- Ethereum extended decline and broke the $3,000 support zone.
- The price is trading below $3,200 and the 100 hourly simple moving average.
- There was a break above a major bearish trend line with resistance near $3,110 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a major recovery wave if there is a close above $3,200.
Ethereum Price Eyes Steady Recovery

Ethereum failed to climb above $3,200 and extended its decline. ETH declined below the $3,050 and $3,000 support levels to move further into a bearish zone.

The price spiked towards $2,920 and traded as low as $2,931. Recently, there was a sharp upside correction above the $3,000 and $3,050 levels. Besides, there was a break above a major bearish trend line with resistance near $3,110 on the hourly chart of ETH/USD.

Ether price settled above the 61.8% Fib retracement level of the downward move from the $3,210 swing high to $2,931 low. It is now consolidating above the $3,100 level.

On the upside, an immediate resistance is near the $3,145 level. It is near the 76.4% Fib retracement level of the downward move from the $3,210 swing high to $2,931 low. The next major resistance is near the $3,200 level and the 100 hourly simple moving average.
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Source: ETHUSD on TradingView.com
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A clear upside break above the $3,200 level could spark a decent recovery wave. The next key resistance is near the $3,300 level. Any more gains could send the price towards the $3,420 level in the near term.

Fresh Decline in ETH?

If ethereum fails to start a fresh increase above the $3,200 level, it could start another decline. An initial support on the downside is near the $3,060 level.

The first key support is now forming near the $3,000 level. A downside break below the $3,000 level might put a lot of pressure on the bulls. In the stated case, there is a risk of a new monthly low below the $2,931 level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly losing pace in the bullish zone.

Hourly RSI – The RSI for ETH/USD is above the 50 level.

Major Support Level – $3,060

Major Resistance Level – $3,200
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January 11, 2022