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

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.

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.

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