Ethereum (ETH) Price Analysis for February 2

Ethereum (ETH) Price Analysis for February 2

The cryptocurrency market keeps trading in the green area, according to the CoinMarketCap ranking.

Top coins by CoinMarketCap


Ethereum (ETH) is outperforming Bitcoin (BTC), rocketing by 4.87%.

ETH/USD chart by TradingView

Despite the rise, the price has fixed below the hourly support at $1,661, which means that sellers might have locally seized the initiative. If the situation does not change by the end of the day, the correction may continue to the $1,640 mark.

ETH/USD chart by TradingView

On the daily time frame, the rate has made a false breakout of the resistance at $1,680. At the moment, traders should pay close attention to the $1,661 mark.

If closure happens above it, the further midterm rise can continue. Such a scenario is relevant until mid-February.

ETH/USD chart by TradingView

From the midterm point of view, Ethereum (ETH) has once again bounced back to the $1,600 mark, which means that bulls are ready for continued growth. In this regard, there is a possibility of seeing the test of the $1,700 mark in the upcoming week.

Ethereum is trading at $1,664 at press time.

Published at Thu, 02 Feb 2023 19:00:00 +0100

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