Unlike BTC, the ether was showing signs of serious strength in the last couple of weeks and days. The coin closed at $1,393 on Sunday, January 24, and continued to move upwards in a solid trend-supportive channel. It was 13 percent up on a weekly basis.
On Monday, the ETH token registered a new all-time high hitting the $1,476 mark in the morning part of the session. It was rejected at the upper limit of the channel and eventually fell down to $13,18, forming a red candle for the day.
The Tuesday session found bulls and bears fighting in the $1,230 – $1,360 zone. Even though the former managed to prevail, the $1,360 level was too strong of a resistance for them to surpass.
On Wednesday, January 27, the Ethereum token once again corrected its price, this time to $1,240. The move resulted in an 8.8 percent loss.
As of the time of writing, ether is trading at $1,297, up from the multi-timeframe support.
Below is the 4-hour chart.
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