- ETH is currently trading hands at $1,571.66 after a 3.14% drop in price.
- The altcoin recently broke below a major bullish trendline.
- The crucial price point for ETH currently stands at $1,600.
The second-largest cryptocurrency by market cap, Ethereum (ETH), is one of the tokens ending January in the red. Data from CoinMarketCap indicates that ETH is currently trading hands at $1,571.66 after a 3.14% drop in price over the last 24 hours. The altcoin reached a high of $1,620.61 and a low of $1,546.66 over the same time period.
ETH also weakened against its biggest competitor, Bitcoin (BTC) by about 0.22% over the last day. ETH’s drop in price has impacted the crypto’s weekly performance as the crypto is down by more than 3% over the last seven days.
The altcoin’s 24-hour trading volume, however, is in the green zone and now stands at $9,132,556,972 after a more than 10% increase since yesterday. In terms of market cap, ETH stands at $192,152,935,048.
ETH’s hourly chart indicates that after the altcoin failed to clear the $1,660 resistance zone, the price of the crypto started a downside correction. Adding to ETH’s distress is the fact that the altcoin recently broke below a major bullish trendline.
For now, the crucial price point for ETH stands at $1,600. If ETH can break above this price, it could trigger a decent price increase which could see the price rise to the resistance at $1,660.
On the other hand, if ETH fails to rise above $1,600, the altcoin could continue its move down. The downside for this move is then expected to be around $1,550.
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