Ethereum (ETH) Price Analysis for January 28
The weekend has started neutral as some coins are rising while the rates of others are falling.
Ethereum (ETH) remains in the green zone, going up by 0.37% over the last 24 hours.
Despite the rise, the price has broken the local support level of $1,578. If buyers cannot return it to the channel, one can expect a further drop to the $1,550 zone shortly.
On the daily time frame, the rate is slowly approaching the support level at $1,533 against declining volume. Currently, one should pay attention to the interim level at $1,600, as it plays a key role in terms of further growth. If bulls fail to restore the price, the drop may lead to a test of the $1,480-$1,520 zone.
On the bigger time frame, the price is in the wide channel, which means that ongoing sideways trading in the range of $1,550-$1,650 is the more likely scenario.
Ethereum is trading at $1,573 at press time.