Ethereum Edges Up in the $3K Handle

12 Jan 2022

Ethereum has edged up from lows after testing the 2K handle briefly, for the second time. We bottomed out just below our level at $2965. At this level, we saw an aggressive buyback but momentum waned quickly and we are currently ranging just above $3200, a psychological and technical level. The Kovach OBV is completely flat, despite the push back to the $3200's, and momentum has clearly stalled just below $3324, the next level above. From here, we anticipate ETH to establish value in the low 3K's, with $3324 an upper bound for now, confirmed by several red triangles on the KRI. We must break through this level, then two levels in the $3400's above, before we can consider regaining the 4K handle. In the event of a selloff, lower levels in the 3K handle should provide support with $2965 a floor price for now.

12 Jan 2022

Catatan

Ethereum broke above our upper levels in the $3300's. Looks like momentum has petered out for now, but we appear to be holding a narrow range between $3324 and $3416.