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Ethereum needs to break the $3,297 Fibonacci resistance level, with mixed short-term performance and institutional interest fueling market optimism.
As of January 9, Ethereum (ETH) trades for $3,095.10, reflecting a 1.2% decline over the past 24 hours amid ongoing market volatility. The crypto asset experienced a tight trading range between $3,058 and $3,133, with intraday dips followed by partial recoveries. This minor pullback aligns with a 0.8% drop against Bitcoin (measured at 0.03428 BTC), while 24-hour trading volume remains at over $22.4 billion.
Recent performance shows mixed results as gains of 2.4% over 7 days and 4.1% over 14 days contrast with a 6.9% annual decline. With the price testing key levels and showing positive momentum over the past week, traders are left wondering: Can Ethereum break through its resistance and sustain its bullish trend?
Can Ethereum Sustain a Bullish Trend?
Looking at the daily technical chart from TradingView, the price has recently tested the Fibonacci resistance level at $3,297. This immediate resistance has proven significant, as Ethereum has been unable to break past this level.
A sustained failure to break through this resistance could lead to a pullback toward the next support zone, which rests at the $3,071 level. Should the price break below this support level, it may test the next major support near $2,958.
Meanwhile, the Awesome Oscillator indicator further supports the technical analysis, as the current reading of 123.53 suggests a continuation of bullish momentum. However, the weakening of the green bars and the visible red bar could indicate an impending slowdown if Ethereum fails to push above the Fibonacci resistance level at $3,297.
Big Money Still Interested in Ethereum
Elsewhere, according to market watcher Ted, big money is still interested in Ethereum, as a recent transaction highlights how much market confidence remains. For instance, Metalpha withdrew a total of $18.64 million in ETH from Kraken earlier today, transferring 6,000 ETH in two separate transactions, valued at approximately $9.31 million each.
This move underscores the ongoing interest in Ethereum, especially from institutional players. This suggests that large investors are positioning themselves ahead of future price movements.