Ethereum Struggles below $3,200 Resistance Zone as Bulls Buy the Dips

Updated:

Ethereum faces resistance at $3,200 high
ETH/USD resumes uptrend

Ethereum ETH) Current Statistics
The current price: $3,178.61
Market Capitalization: $379,879,455,319
Trading Volume: $14,021,302,347
Major supply zones: $4,000, $4,500, $5,000
Major demand zones: $3,500, $3,000, $2,500

Ethereum (ETH) Price Analysis February 9, 2022
Ethereum’s (ETH) price has continued to surge ahead as bulls buy the dips. The bullish momentum broke the 21-day line moving average but failed to break the 50-day line moving average. The crypto’s price has also broken the resistance line of the ascending channel. The breaking of the resistance line and the closing above it indicate that the downtrend has been terminated. On the upside, Ether will rally to the next resistance at $3,800 if the bulls break above the 50-day SMA. The altcoin will be compelled to fluctuate between the moving average if the bulls failed to breach the recent high.

Ethereum Struggles below $3,200 Resistance Zone as Bulls Buy the Dips
ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ether has risen to level 60 of the Relative Strength Index for period 14. ETH/USD is in the uptrend zone and capable of a further upward move. The current uptrend is likely to continue as price breaks and closes above the resistance line. The crypto’s price is between the moving averages indicating a possible fluctuation of prices. Ether is above 50% range of the daily stochastic. The altcoin is in a bullish momentum.


Conclusion
ETH/USD is in a smooth uptrend as bulls buy the dips. The crypto’s price is making a series of higher highs and higher lows. The current uptrend is facing rejection at the $3,200 resistance zone. Ether’s price has retraced to the support above 21-day line moving average for a subsequent upward move.

Ethereum Struggles below $3,200 Resistance Zone as Bulls Buy the Dips
ETH/USD – 4 Hour Chart

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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.