Ethereum (ETH) Price Analysis for January 4

Bulls keep controlling the situation on the market at the end of the week, according to CoinMarketCap.

ETH/USD

The rate of Ethereum (ETH) has risen by 1.19% since yesterday. Over the last week, the price has risen by 6.85%.

On the hourly chart, the price of ETH is in the middle of the local channel between the support at $3,126 and the resistance at $3,162. As most of the daily ATR has been passed, traders are unlikely to witness sharp moves by tomorrow.

On the bigger time frame, buyers remain more powerful than sellers while the rate of the main altcoin is above the interim level of $3,077.

If bulls can hold the gained initiative, the upward move is likely to continue to the $3,200 area soon.

From the midterm point of view, the price of ETH keeps accumulating energy for a further move. The volume remains low, which means neither side has enough energy yet. All in all, sideways trading in the zone of $3,100-$3,300 is the more likely scenario.

Ethereum is trading at $3,134 at press time.