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NullTx 2025-01-27 12:27:34

ETHEREUM PRICE ANALYSIS & PREDICTION (January 27) – ETH’s Correction Deepens Amid Latest Drops, Will $3k Hold?

After a short recovery in the past week, Ethereum faced tough resistance and resumed selling pressure. However, the trend looks weak as it continued to maintain a lower low and lower higher pattern. The past week’s trading came with a little shift in Ethereum’s price as it increased by over 10% to $3,428. Unfortunately, the momentum didn’t last long due to a rejection and the price fell back to $3,171 at the time of writing. This fallout has caused serious fear and panic in the market and as we can see, the price is currently down 5% on the day. That gave the bears control on the short-term scale and are now charging to retake the important $3k level. Losing this important level might result in a bigger loss capable of rolling the price back to $2.5k before picking up. Failure to resume buying from this level may lead to a huge crackdown, which could bring an end to the long-term bullish move. Looking at the bigger picture, ETH’s market structure is still considered bullish on the macro level, though the setups are beginning to look more like a bearish shift as the price corrects broader on the daily scale. Regaining full control of the market, the bulls must reclaim the lost $4100 level. A break above this crucial high should set up the market for a new buying phase. ETH’s Key Level To Watch Source: Tradingview Ethereum is currently eyeing the $3,000 level. A cross-down from there could dip the price to the $2,920 support. Below this support lies $2,723, followed by the main $2,500 level. The falling resistance line may serve as a barrier for the bulls in case of a rebound. A clear push above it could bring a test at the $3,525 and $3,745 resistance levels. There’s also resistance at $3,800 for more increase. Key Resistance Levels: $3,525, $3,745, $4,107 Key Support Levels: $3,130, $2,920, $2,723 Spot Price: $3,171 Trend: Bearish Volatility: High Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news ! Image Source: leestat / 123RF // Image Effects by Colorcinch

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