Ethereum Is Range-Bound below the $2,700 Mark

Ethereum (ETH) Current Statistics

The current price: $2,629.79
Market Capitalization: $317,391,865,071.97
Trading Volume: $11,799,331,132.68
Major supply zones: $3,500, $4,000, $4,500
Major demand zones: $2,500, $2,000, $1,500

Ethereum (ETH) Price Analysis February 9, 2025

The price of Ethereum (ETH) is range-bound below the $2,700 mark and has now stabilized. Ether has been moving sideways above the $2,400 support and below the moving average lines since February 3, when the bullish bulls bought the dips. The price movement has remained constant due to the presence of Doji candlesticks. The bulls have been protecting the current $2,400 support level for the past week.

However, the selling pressure will resume when the bears break below the $2,400 support. Ether will drop to the psychological price barrier of $2,000 once more. The bullish trend will begin when the price surpasses the $3,000 high.

ETH Technical Indicators Reading

Ether price bars below the moving average show the current decline.On both charts, the 21-day SMA is below the 50-day SMA, suggesting a bearish trend. The negative indicator has ended with the arrival of Doji candlesticks. The prolonged candlestick tail has also displayed strong buying pressure over the $2,100 support. 

Conclusion 

Ethereum is recovering as it continues its range-bound move below the $2,700 mark. The presence of Doji candlesticks has caused a minor movement in the price of cryptocurrencies. The Doji candlesticks have restricted the price movement. When the price of Ether breaks above the moving average lines, it will start to move in a bullish direction again. Cryptocurrency prices are range-bound due to traders’ indecision.

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