Ethereum Price Prediction For January 12
The price of Ethereum is currently undergoing a correction that began in early December. The price appears to be moving towards the key support zone between $2,400 and $2,840. While the move is likely to unfold in multiple phases, there’s a chance the adjustment could end sooner than expected. At the time of writing, Ethereum is down more than 1%, trading below $3,300.
Key Resistance and Support Levels
The trend is bearish As long as Ethereum remains below the resistance zone between $3,370 and $3,613. A break below $3,170, the low from Thursday, could signal further downside. If Ethereum manages to push higher within the resistance zone, it could indicate that a larger pullback is forming.
Alternative Scenario: Potential Upside Breakout
There is another scenario to consider, which is that the current price action could form a triangle pattern that could lead to a breakout to the upside. Although this is less likely, it is worth keeping an eye on as it could have a positive impact on Ethereum.
Looking Ahead: Possible Paths to New Highs
Despite the short-term downward trend, the overall upward trend remains intact. If Ethereum finds support soon and begins to stabilize, it could pave the way for a stronger rally toward new all-time highs. Watch for signs of price bottoming as this could signal the next rise.
