After clearing a significant obstacle, the price of Ethereum stagnates, signaling that the rise has reached its limit.
On January 12, the US Consumer Price Index (CPI) was released, causing the price of Bitcoin to oscillate for a time before ultimately rallying upward.
Investors appear to have lost interest in ETH as it took a backseat while everyone’s attention was focused on BTC.
It’s interesting to note that when the US CPI statistics were released, ETH was up 2.80% and BTC was up 3.30%.
After ETH generates a four-hour candlestick close below $1,375, the countertrend rise will be confirmed.
If the price of Ethereum rises over this point, it may return to the $1,215, $1,150, and $1,071 support levels.
While the outlook for the price of Ethereum is now gloomy, the bearish thesis will be refuted if the uptrend is maintained and results in a four-hour candlestick close over $1,679 rather than a lower high.
In this scenario, the price of Ethereum will resume its upward trajectory and retest the psychological support level of $1,700.
