Ethereum Price Analysis for January 15: What’s Next as ETH’s 50-Day Moving Average Turns Support?

Summary: Ethereum (ETH) is showing positive momentum with a price increase of 1.1% in the last 24 hours. Currently trading between $3,281 and $3,386, ETH has experienced notable gains over the past week and month. As it holds above critical support levels, traders are keenly watching for potential upward movement.

Key Takeaways

Ethereum's price has risen by 1.1% in the past 24 hours.
The token is trading between $3,281 and $3,386, showing healthy price action.
Over the past week, Ethereum has gained 8.1% and 15.0% over the last 30 days, indicating strong investor confidence.
The daily chart shows ETH trading above its 50-day moving average, which has become a short-term support level.
An ascending triangle pattern may suggest a bullish reversal if ETH breaks through upper resistance.

Ethereum ETH

Current Market Performance of Ethereum

Ethereum (ETH) has experienced a price increase of 1.1% in the last 24 hours, fluctuating between $3,281 and $3,386. This price action reflects a healthy trend, as the token has shown positive momentum after testing lower price levels. Currently, it appears to be consolidating toward the higher end of this daily range.

In the last week, Ethereum's value has surged by 8.1%, and its performance over the past month indicates a climb of 15.0%. This consistent growth signals strong confidence among investors.

Ethereum's recent price action demonstrates a v-shaped recovery, successfully testing and maintaining levels above critical support. The big question is whether Ethereum can break through its next resistance point.

Will Ethereum Surpass Resistance Points?

Analyzing the daily chart reveals that Ethereum is continuing its path of recovery following a correction. ETH is currently trading above several significant dynamic levels, successfully reclaiming the mid-range of the Fibonacci ribbon. Importantly, it remains above the 50-day moving average at about $3,289, which now serves as a short-term support level.

Ethereum Price Analysis

This scenario suggests a strengthening structure as buyers are effectively protecting higher lows, thus preventing deeper pullbacks. Nevertheless, ETH continues to face substantial resistance from the upper Fibonacci bands situated between $3,465 and $3,859, potentially hindering further upward movement in the short term.

The Average Directional Index (ADX), which measures trend strength, currently holds at around 26. While this reading isn't extreme, it indicates that momentum is recovering rather than diminishing.

Is It Ethereum's Time to Shine?

Analyst Ted, active on social media platform X, posits that it might be Ethereum's moment, referencing a developing technical setup visible on the daily chart. The chart illustrates ETH within an ascending triangle structure, characterized by a flat resistance trendline at the top and an upward-sloping trendline below that indicates higher lows.

ETHUSDT 1-Day

This formation is commonly regarded as a potential bullish reversal pattern, particularly if the price begins to approach the upper boundary, which is currently happening with ETH. Ted's analysis suggests that Ethereum may be approaching a crucial inflection point where, if the triangle breaks to the upside, momentum could undeniably shift in favor of buyers.

Disclaimer: This article is for informational purposes only and should not be viewed as financial advice. The opinions expressed herein may reflect the author’s personal viewpoint and do not represent the position of The Crypto Basic. Readers are encouraged to conduct their own research prior to any investment decisions. The Crypto Basic is not liable for any financial losses.