Ethereum price analysis: ETH aims for $3.1K-$3.3K resistance

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Ethereum price analysis for February 7, 2022, comes with a bullish surge of prices as the world’s second-biggest cryptocurrency now aims for the previously lost $3.1K-$3.3K resistance levels. As per our Ethereum price analysis for February 6, 2022, ETH held above $3K despite as accumulation of ETH being high. 

Meanwhile, the crypto market has been bullish for today as BTC aims for a $43K price level, as per our Bitcoin price analysis for February 7, 2022. The Ethereum network is known for a lot of products and especially for NFTs. However, a recent report from the US claims that NFTs are used for illicit money laundering and terror funding.

On February 4, 2022, the Ethereum price analysis showed that the token broke above the $2.8K price level, and since then, the token hasn’t looked back. It is also a fact that the month of Jan was not very promising for Ethereum investors as ETH dropped by 30%. 

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The data from CoinMarketCap shows that the trading volume of ETH dropped by 6.94%, followed by a 2.34% drop in the market cap. It seems that the chances of ETH reclaiming the previous ATH from November 16 at $4.9K are high.

Ethereum price analysis on the daily chart

The Ethereum price analysis on the chart below shows that ETH accumulation is definitely on the rise, which means that soon, we will see a reversal in the trend.

Source: TradingView

The MACD indicator on the chart below confirmed a bullish divergence a few days back when the MACD line (blue) broke above the signal line (orange). The MACD histogram is also bullish.

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Source: TradingView

Conclusion

The indicators for the ETH price analysis for February 7, 2022, can be concluded on a bullish note as the next important move for ETH is to reclaim the $3.1K-$3.3K resistance zone. The token fell below $3.3K as per our Ethereum price analysis for January 17, 2022.

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