ETH Price Is Expected To Drop Further Heading Into February
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.
Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
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