Ethereum Is Range-Bound as It Revisits the $3,000 Support

Ethereum (ETH) Current Statistics

The current price: $3,066.19
Market Capitalization: $369,650,716,640.13
Trading Volume: $24,178,325,827.23
Major supply zones: $3,500, $4,000, $4,500
Major demand zones: $2,500, $2,000, $1,500

Ethereum (ETH) Price Analysis February 2, 2025

Ethereum’s (ETH) price has fallen below the moving average lines again as it revisits the $3,000 support. Buyers have unsuccessfully attempted to keep the price above the moving average lines for the fifth time. On the plus side, the altcoin will return to its previous high of $3,744 if buyers maintain the price above the moving average lines.

The cryptocurrency has dropped above $3,072 today but pulled back. Ether’s value is just beyond the $3,000 mark. If the $3,000 support holds, the largest altcoin will start its bullish rise again. The altcoin will drop and retrace to its previous low of $2,941 if the bear’s breach occurs below the $3,000 support.

ETH Technical Indicators Reading

The biggest altcoin is indicated by long candlestick wicks aiming at the $3,400 high. This suggests that there is significant selling pressure at the high of $3,400. Long candlestick tails pointing at the $3,000 support define the price action on the downside. Strong buying pressure at the $3,000 support is another indication. The decreasing trend is indicated by the sloping moving average lines.

Conclusion

Ether has been moving sideways between the $3,000 and $3,450 price levels as it revisits the $3,000 support. Since December 20, 2024, the bulls have been protecting the psychological price barrier of $3,000. The Bears have been trying to get through the $3,000 mark. The cryptocurrency signal will be range-bound if the $3,000 support holds.

Make money without lifting your fingers: Start using a world-class auto trading solution.

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 results.