Ethereum price analysis: ETH aims to reclaim $3.3K

Ethereum price analysis for Feb 8, 2022, comes with a bullish prediction for ETH as the token aims to reclaim the previous lost levels. The world’s second-biggest cryptocurrency is just below $3.2K with a major resistance of $3.3K, which earlier acted as a support. As seen in our ETH price analysis for Jan 17, 2022, the token fell below its major support of $3.3K. 

The price of 1 ETH at the time of writing is around $3166, and it is also important to note that the nearest competitor to Ethereum, Bitcoin, has also been bullish in the last 24 hours. As seen in our Bitcoin price analysis for Feb 8, 2022, the world’s biggest cryptocurrency is also nearing an important resistance region. 

The data from CoinMarketCap shows that the trading volume of Ethereum rose 34.31% in the last 24 hours, followed by a 2.45% rise in the market cap. Moreover, the prices have been up by more than 2% in the last 24 hours. The Volume / Market Cap Ratio currently stands at 0.03917, while the Market Dominance of Ethereum is 18.62%.

Our Ethereum price analysis shows that the daily candle for Ethereum opened the day at a price of $3139 and reached a daily high of $3171 from a daily low of $3112. Moreover, it is important to note that Ethereum dropped 30% in the month of January during the dip but has opened a bullish monthly candle for February.

Ethereum price analysis on the daily chart

Ethereum price analysis on the daily chart below shows that the MACD indicator is bullish with a bullish histogram. The MACD line (blue) has broken above the signal line (red), which confirms that soon, bullish prices will follow.

Source: TradingView

The price action is testing the upper end of the Bollinger Bands, and a breakout can be witnessed if buying volume continues to surge.

Source: TradingView

Conclusion

Ethereum price analysis for Feb 8, 2022, can be concluded on a bullish note with a move towards $3.3k. The next important resistance would be $3.5k.