The post Ethereum Price Prediction For January 11 appeared first on Coinpedia Fintech News
Ethereum price has currently drifted into the red zone and the price is slightly trading above the $3200 levels. As of now, Ethereum has sold off by about 25%, and its current price is around $3,300, marking a 20% drop from its cycle high.
While confirmation is not yet complete, higher lows and lower highs suggest a potential breakout in either direction. The broader trend remains bullish, and the current price movement appears to be a correction within that larger uptrend.
Bitcoin remains the dominant force in the market, holding 55% dominance. However, Bitcoin’s dominance is starting to cool off, which is positive for Ethereum and altcoins.
Resistance Level to Watch
Ethereum faces important resistance between $3,370 and $3,613. A breakout above this range would signal the end of the correction and could indicate the start of a new bullish trend.
Short-Term Bearish Scenarios
- Wave Structure: One possible bearish scenario is that Ethereum could be following a corrective wave pattern, with a potential five-wave decline forming. However, this would be a short-term bearish outlook. As long as Ethereum remains above $2,400, the overall uptrend could still continue.
- Altcoins Impact: Many altcoins are showing signs of weakness, which could put additional pressure on Ethereum’s price.
Triangle Pattern Potential
Ethereum may also be forming a triangle pattern. If this is the case, more sideways movement may occur before a breakout. A breakout above $3,613 would suggest the development of a bullish triangle pattern, potentially leading to a strong upward move.
Bullish Scenario
Ethereum might be in a “one-two” setup, with a potential bottom already established. If Ethereum breaks above $3,613, it would invalidate the bearish scenario and increase the likelihood of a bullish breakout.
