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Ethereum (ETH) Price Analysis for January 19
Source: CryptoNewsNet Original Title: Ethereum (ETH) Price Analysis for January 19 Original Link: The cryptocurrency market is mostly falling today, according to CoinStats.
ETH/USD
The price of Ethereum (ETH) has dropped by 3.2% over the last 24 hours.
On the hourly chart, the rate of ETH has made a false breakout of the local resistance at $3,231. If the daily candle closes above that mark, there is a chance to witness a test of the $3,250 area tomorrow.
On the longer time frame, the picture is less positive for bulls. Buyers may start thinking about a midterm rise only if the rate of the main altcoin fixes above the resistance at $3,447.
Until it happens, bears remain more powerful than bulls.
From the midterm point of view, none of the sides is dominating. Such a statement is also confirmed by the falling volume. All in all, sideways trading around the current prices is the most likely scenario until the end of the month.
Ethereum is trading at $3,218 at press time.