Ethereum Retraces to $2,600 Support as Bulls Resume Upside Momentum

Ethereum rallies to $2,800 high
ETH/USD consolidates above the $2,600 support


Ethereum ETH) Current Statistics
The current price: $2,662.46
Market Capitalization: $319,118,943,842
Trading Volume: $14,246,182,126
Major supply zones: $4,000, $4,500, $5,000
Major demand zones: $3,500, $3,000, $2,500

Ethereum (ETH) Price Analysis February 2, 2022
Ethereum’s (ETH) price has broken above the resistance line of the horizontal channel as bulls resume upside momentum. After much struggle at the $2,800 resistance, Ether retraced to the support above $2,667. Also, Ether retraced to the support above the 21-day line moving average. There is a tendency for the market to rise to the upside. Today, Ether will rise and revisit the $2,800 high. If the bulls break above the $2,800 resistance, the largest altcoin will rally to $3,450.

ETH Technical Indicators Reading
Ether has risen to level 42 of the Relative Strength Index for period 14. The largest altcoin is in the downtrend zone and capable of falling to the downside. The current upward move has increased the RSI level to 42. Ether is above the 30% range of the daily stochastic. Ether price is in a bullish momentum. The 21-day SMA and 50-day SMA are sloping southward indicating the downtrend.

Conclusion
ETH/USD has broken out of the range-bound movement as bulls resume upside momentum. The biggest altcoin was previously fluctuating between $2,205 and $2,600 but it is out of the range-bound move. Ether is expected to rise to the upside. After the recent retracement, Ether is consolidating above the $2,600 support for a possible upward move.

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