Ethereum (ETH) price struggles around key resistance levels despite Bitcoin’s (BTC) reclaim of the $100K level. A closer look at Open Interest and momentum indicator reveals that a lack of momentum that suggest a correction could come before ETH revists $4,000 retest.
Ethereum (ETH) Price Today
While many top altcoins bounced hard on Monday due to Bitcoin crossing $100K, ETH’s value remained relatively unchanged. Ethereum price today trades at No data found for ethereum on 43 minutes ago and is down No data found for ethereum on 43 minutes ago% in the past 24 hours.
Why is ETH performance lackluster?
One of the main reasons for Ethereum’s lackluster performance is the lack of interested participants. This can be observed by looking at VeloData’s open interest that is declining while Ethereum price continues to creat higher highs.
A divergence of this sort indicates that shorts could be closing, which is why the price is slowing and climbing higher. For a full-fledged uptrend, there should be a combination of shorts closing and longs opening. Due to the drop in OI, investors can expect a lack of willing, bullish participants.
While the drop in OI amid rising prices is a bearish signal, the momentum is also lacking. Let’s take a look at the technical analysis to get a better understanding.
Ethereum Technical Analysis: Will ETH Reach $4,000 in January?
With only seven days elapsed, January 2025 still has a lot to offer to both Ethereum and the rest of the crypto market. ETH could hit $4,000 if these conditions are satisfied:
- Bitcoin is not driving the market lower.
- Ethereum whales are not actively selling but buying.
- The momentum flips from bearish to bullish.
- Open Interest spikes to the upside.
As seen in the below chart, Ethereum price pierced the $3,539 to $3,654 resistance zone on January 3. Since then ETH has produced higher highs while the Relative Strength Index (RSI) produced lower highs. This non-conformity is termed bearish divergence and often forecasts a reversal or short-term corrections.
With a bearish short-term outlook, ETH dips could serve as a buying opportunity for long-term holders. Let’s take a look at Ethereum price targets for January 2025.
Ethereum Price Prediction For January 2025
If the bearish divergence plays out, the selling momentum could knock Ethereum price down to $3,59 and the demand zone, extending from $3,430 to $3,470. This is a good area to accumulate ETH at a discount.
A bounce after an accumulation could propel Ethereum price to recover above $3,600 and set up a higher high to confirm the start of an uptrend. In such a case, the next targets for ETH price would be $3,843 and $4,096.
Ethereum’s Long-term Outlook Remains Bullish
Despite the short-term outlook hinting at a correction, the crypto market bull run depends on Bitcoin. With BTC top likely to form in the fourth quarter of 2025, the cycle is far form over. With the same logic, Ethereum price dips could be an opportunity especially considering the lackluster performance ETH noted in 2024. Hence, the 2025 Ethereum price prediction targets stretch from $6,000 to $15,000, as noted in previous CoinGape articles.
Read More: Ethereum Price Today: Next Stop For ETH Is $15,000
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