Ethereum (ETH) Price Analysis for January 11

Bears remain more powerful than bulls, according to the CoinMarketCap ranking.

ETH/USD

The rate of Ethereum (ETH) has declined by $0.08 over the last 24 hours.

On the hourly chart, the rate is about to close below the local support level at $1,328. If buyers fail to seize the initiative, the accumulated energy might be enough for a continued correction to the critical zone of $1,300.

On the bigger time frame, the price has made a false breakout of yesterday’s peak at $1,345 against high trading volume. If the closure happens near the $1,320 mark with no long wicks, the fall is likely to continue to the $1,310 zone.

Ethereum (ETH) keeps trading in the bullish zone on the daily chart against Bitcoin (BTC).

Until the rate is above the 0.076133 mark, buyers are more powerful than sellers. Likewise, traders have a chance to see a return to the 0.077 area shortly.

Ethereum is trading at $1,324.80 at press time.