Daily Market Analysis - ETH
During the weekend, there were no significant fluctuations in the price of Ethereum. Since January 9th, it has been oscillating between the range of 3330 to 3230, with a fluctuation of about 100 points. Within this price range, buyers and sellers are continuously exchanging.
Now, there are 7 days left until a certain exchange rate adjustment or new policy is announced, and basically everyone believes that favorable policies for cryptocurrencies will be announced when that day arrives.
From a technical analysis perspective, the short to medium-term trend of Ethereum doesn't look good. Only when looking at the weekly chart does it show a bullish situation, indicating a rising price trend. However, if we look at daily and hourly charts, they all indicate a bearish trend, meaning there is a downward price trend. Especially today, the price surged to 3338 and then fell back, ultimately closing with an upper shadow, as if it shot up briefly before dropping back down.
In summary, Ethereum has not yet emerged from the daily-level downward adjustment. Therefore, it is recommended to operate within the range of 3330 to 3230, patiently waiting for the market to clarify whether it will rise or fall. Everyone should be careful and cautious while trading.