The weekend has started with continued growth of the cryptocurrency market as all the top 10 coins are in the green zone.
ETH/USD
Ethereum (ETH) could not show the same growth as Bitcoin (BTC), going up by 6.31% over the last 24 hours.
On the hourly chart, the price is trading sideways between the support at $1,619 and the resistance at $1,676. At the moment, the price is located in the middle of the channel against the declining volume.
All in all, any sharp moves are unlikely until the end of the day as most of the daily ATR has been passed.
On the daily chart, the price has fixed above the support at $1,607, which means that bulls are not going to give up the initiative. If the rate remains above the $1,600 zone, Ethereum (ETH) might keep accumulating energy for a move to the $1,700 mark.
On the weekly time frame, the rate has made a false breakout of the resistance at $1,676. However, if the bar closes around it with no long wicks, the breakout may lead to a test of the $1,900 area.
Ethereum is trading at $1,656 at press time.
Source: https://u.today/ethereum-eth-price-analysis-for-january-21