Ethereum price analysis: ETH back below $2.7K

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Ethereum price analysis for Feb 3 comes with a bearish trajectory for ETH as the token fell 4.43% in the last 24 hours. Moreover, ETH is following BTC’s price movement as the Bitcoin price analysis for Feb 3 shows that BTC fell below $37K. It is also important to note that ETH made an attempt to reclaim $2.8K, which is important price resistance. 

The data from CoinMarketCap shows that the trading volume of ETH rose by 14.96% in the last 24 hours. The market cap dropped by around 3.79%, which confirmed the fact that the selling volume for ETH has surged, and investors are taking advantage of the same. 

The daily candle opened on Feb 3 at a price of $2680 and reached a daily high of $2726. However, unable to push through, the token fell to a daily low of $2638. It is also important to note that ETH underperformed in January, and with the launch of ETH 2.0 and continued ETH burning, the future of the world’s second-biggest cryptocurrency is definitely bright.

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Ethereum price analysis on the daily chart

The RSI indicator on the chart below shows that the line is making higher highs which means that the token will see higher prices in the near future. The gradient of the line is slightly negative for today; however, $2.6K holds as price support.

Ethereum price analysis

Source: TradingView

Ethereum price analysis on the daily chart below involved the Bollinger Bands. The token was unable to break above the middle region of the Bands, which led to a price decline for ETH.

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Ethereum price analysis

Source: TradingView

Conclusion

Our Ethereum price analysis for Feb 3 can be concluded on a bullish note for the long term, but for the short term, the prices will remain bearish. Furthermore, it is also important to note that Ethereum trends have dominated the year 2021. The token is currently 45.66% low from its all-time high made in early November.

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