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Most of the coins are facing correction today, according to CoinMarketCap.

Ethereum (ETH) is the only rising coin from the top 10 list, going up by 0.73%.

On the hourly chart, the rate of ETH has made a false breakout of the local resistance of $2,681. If the daliy bar closes far from it, the leading altcoin may also follow the correction of other coins.

In this case, traders might see a test of the $2,600-$2,620 area.

On the bigger time frame, one should focus on yesterday's peak. If it happens near $2,690, the rise may continue to the $2,750-$2,800 range for the next few days.

From the midterm point of view, the price of ETH is ready to keep growing after a breakout of the $2,447 level. Until the rate is above that mark, there are no bearish signals.

Ethereum is trading at $2,672 at press time.

About the author

Denys Serhiichuk

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.

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Ethereum (ETH) Price Analysis for January 12 - U.Today