Jan.11th-Jan.18th ETH(1d)

In the last weekly market recap, we mentioned ETH's poor performance in the second half of the decline. Last week, ETH rebounded so powerful. Although the price is still below resistance level (3400) given in last recap, the change in the performance of long side may make up for the previous panic decline and mean something interest which we will share after the TA. Back to ETH, the price was pushed to 3400 by long side and even after strengthening of the short on Jan.13, the price was brought back to the previous high for the second time.On the other hand, judging from the shape of the candles, we notice that short side have not gave up. The confrontation is fierce between long and short.
Conclusion: Mostly fluctuation and there is a certain possibility that the rebound has not ended. At a large level, the bearish channel of ETH has not been destroyed, but based on the strengthening performance of long side, the price may fluctuate in the range of(3000,3400).If the price can threaten the upper rail of channel like the green arrow show , we think long side will regain the control.


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