Ethereum Breaks the $2,800 Resistance but Struggles below $3,062 High

Updated:

Checkmark

Invest at least $250 in D2T to gain lifetime access to our VIP Signals

Checkmark

Get early access to Dash 2 Trade’s Presale. Buy the D2T token now

Checkmark

Existing community of 70,000+ traders

Checkmark

Unlocks access to the leading crypto trading analysis, signals and trading tools

Checkmark

As featured in CryptoNews.com, FXEmpire.com, FXStreet.com and more

Checkmark

World class development team backed by Quant developers and VC investors


Ethereum rallies to $3,062 high
ETH/USD reaches an overbought region


Ethereum ETH) Current Statistics
The current price: $2,995.61
Market Capitalization: $357,886,653,936
Trading Volume: $9,726,398,706
Major supply zones: $4,000, $4,500, $5,000
Major demand zones: $3,500, $3,000, $2,500

Ethereum (ETH) Price Analysis February 6, 2022
Ethereum’s (ETH) price is making an upward move but struggles below $3,062 high. The cryptocurrency rallied to the high of $3,062.20 but it is facing resistance at the recent high. The price indicator has shown that Ether is trading in the overbought region of the market. On the upside, if the bulls clear the $3,062 high, the market will rise to $3,400 high. On the downside, if Ether turns from the recent high, the altcoin will decline to $2,615 low.

Ethereum Breaks the $2,800 Resistance but Struggles below $3,062 High
ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ether has risen to level 52 of the Relative Strength Index for period 14. The largest altcoin is trading now in the uptrend zone and capable of a further upward move. The crypto’s price is above the 21-day line moving average but below the 50-day line moving average. This indicates that the altcoin is likely to be range-bound between the moving averages. Ether is above 80% range of the daily stochastic. The altcoin is in the overbought region of the market. Sellers will emerge in the overbought region.

Conclusion
ETH/USD is in an upward move but struggles below $3,062 high. On February 1 uptrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that ETH will rise but will reverse at level 1.272 Fibonacci extension or level $2,972.82. From the price action, Ether is retracing from the 1.272 Fibonacci extensions. The market is expected to reverse to 78.6% Fibonacci retracement where it originated.

Ethereum Breaks the $2,800 Resistance but Struggles below $3,062 High
ETH/USD – Daily Chart

You can purchase crypto coins here. Buy Tokens


Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.