Ethereum price analysis: ETH enters devaluation region at $2,398, prepares to decline further?

• Ethereurm price analysis is bearish today.
• The strongest resistnace is present at $3,669.
• Ethereum currently trades at $2,398.

Ethereum price analysis for January 28, 2022, has demonstrated solid bearish momentum as the price fluctuates massively. The bears have complete control of the market. The last 48 hours have been very indecisive for the runner-up cryptocurrency as the trend fluctuates immensely due to the ongoing between the bulls and bears. ETH/USD has reached a high value of $2,521 on January 27, 2022, all because of the bulls’ efforts, but they proved to be in vain. Currently, the cryptocurrency trades at $2,398, with a trading volume of $15,614,457,856. Ethereum has been down by 1.12%.

ETH/USD 4-hour price analysis: Recent developments

Ethereum price analysis reveals the market’s volatility following a declining trend with the market engulfed in a squeeze, indicating that the ETH/USD price has become less exposed to volatile change on either extreme. The upper limit of the Bollinger’s band is present at $2,576, which represents the strongest resistance. Conversely, the lower limit of the Bollinger’s band is present at $3,988, which serves as the strongest support.

The ETH/USD price appears to be crossing under the curve of the Moving Average, indicating a bearish trend. With the volatility on the decline and the market’s trend is bearish, we can assume that the bears have gained complete control of the market and are not likely to give it up quickly; the bulls will have to try hard to counter them.

The Relative Strength Index (RSI) is at 44. This indicates that the value of assets is currently stable. In addition, the RSI falls in the lower neutral zone, following a straightforward, linear path indicating stability, signifying the buying activity equalling the selling activity.

Ethereum price analysis for 1-day: ETH/USD downward biased

Ethereum price analysis indicates that the market’s volatility appears to be following a slight increasing movement, meaning that the price of the underdog cryptocurrency will be more likely to undergo variable change. The upper limit of the Bollinger’s band is present at $3,669, representing the strongest resistance. Conversely, the lower limit of the Bollinger’s band is present at $2,156, which serves as the strongest support.

The ETH/USD price appears to be crossing below the curve of the Moving Average, indicating a bearish trend. The market seems to be under a bearish regime as the volatility increases with the price moving upwards. Still, the bulls are unable to counter the bears. The price seems to follow a linear path which might soon cross over the Moving Average curve turning the market bullish. However, it may be difficult for the bulls to maintain as the bears already have a tight grip on the market.

Ethereum price analysis reveals the Relative Strength Index (RSI) to be 25. This indicates that the ETH value has entirely destabilized, falling in the undervalued category. The RSI appears to follow a linear path that suggests the cryptocurrency’s steady devaluation. It seems the cryptocurrency will stay depreciated for a while.

Ethereum Price Analysis Conclusion:

Concluding the Ethereum price analysis, we can deduce that the runner-up cryptocurrency follows a steady negative trend. It has maintained a slow and downwards momentum up until now. The bears currently dominate the market, and they don’t seem to be coming slow. Currently, struggling at the $2,400 mark, the runner-up cryptocurrency has shown signs of further devaluation.

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