Ethereum Price Prediction For January 11
Ethereum Price Prediction For January 11Ethereum price has currently drifted into the red zone and the price is slightly trading above the $3200 levels. As of now, Ethereum has sold off by about 25%, and its current price is around $3,300, marking a 20% drop from its cycle high. While confirmation is not yet complete, higher lows and lower highs suggest a potential breakout in either direction. The broader trend remains bullish, and the current price movement appears to be a correction within that larger uptrend.Bitcoin remains the dominant force in the market, holding 55% dominance. However, Bitcoin’s dominance is starting to cool off, which is positive for Ethereum and altcoins. Resistance Level to WatchEthereum faces important resistance between $3,370 and $3,613. A breakout above this range would signal the end of the correction and could indicate the start of a new bullish trend.Short-Term Bearish ScenariosWave Structure: One possible bearish scenario is that Ethereum could be following a corrective wave pattern, with a potential five-wave decline forming. However, this would be a short-term bearish outlook. As long as Ethereum remains above $2,400, the overall uptrend could still continue.Altcoins Impact: Many altcoins are showing signs of weakness, which could put additional pressure on Ethereum’s price.Triangle Pattern PotentialEthereum may also be forming a triangle pattern. If this is the case, more sideways movement may occur before a breakout. A breakout above $3,613 would suggest the development of a bullish triangle pattern, potentially leading to a strong upward move.Bullish ScenarioEthereum might be in a “one-two” setup, with a potential bottom already established. If Ethereum breaks above $3,613, it would invalidate the bearish scenario and increase the likelihood of a bullish breakout.Never Miss a Beat in the Crypto World!Stay ahead with breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more. Daily Get real-time crypto news, market insights, and blockchain updates. Weekly Stay updated with major trends, funding news, and price analysis. Monthly Receive a detailed report with market analysis and expert predictions.