#ETHProspects
As of January 23, 2025, Ethereum (ETH) is trading at around $3,218.67, reflecting a 2.42% decline from its previous close.
Technical Analysis:
On the 4-hour chart, Ethereum’s price action shows a Wyckoff accumulation pattern in the $2,000–$2,800 range, culminating in a breakout and a strong rally above the crucial $3,500 level.
Key Levels:
Support:
$3,222.00 – A key support level currently being tested.
$3,130.00 – A recent support level established after a pullback.
Resistance:
$3,500.00 – A significant resistance level where the recent rejection occurred.
$3,830.00 – The Next Major Resistance Level to Watch.
Conclusion:
Ethereum’s current price action shows that it is testing key support levels, with the potential for a bullish correction if these support levels hold. Traders should keep a close eye on the $3,222.00 support level; a break below this level could lead to further downside correction towards $3,017.30. Conversely, holding above this support level could lay the groundwork for a recovery towards the $3,500.00 resistance level.
