Ethereum price analysis: ETH drops 2%, $3100 holding strong

Ethereum price analysis is bearish for today as the token fell by more than 2% in the last 24 hours. However, it is also important to note that $3100 needs to hold strong as a support zone, or else, we might see ETH back below $3K. The world’s second-biggest cryptocurrency fell below $3100 today, but at the time of writing, the price of 1 ETH was $3101.

It is important to note that ETH’s popularity is rising among institutions. Recently, TheCoinRise reported that the Canadian division of the professional services network KPMG has added Bitcoin (BTC) and Ethereum (ETH) to its company treasury. This is a very deal for ETH as institutions are increasingly adopting cryptocurrencies. 

For Feb 9, 2022, the world’s second-biggest crypto, Ethereum, is following Bitcoin’s pattern, which has failed to break above $44K and enter into the $45k-$48k price resistance, as per our Bitcoin price analysis for Feb 9. In a similar manner, ETH has also failed to move into the $3300 price resistance. 

The data from CoinMarketCap shows that the trading volume for ETH rose 2.67% in the last 24 hours, followed by a 3.81% surge in the market cap. Moreover, the Volume / Market Cap Ratio stands at 0.04332 while the Market Dominance stands at18.63%.

Ethereum price analysis on the daily chart

Ethereum price analysis on the daily chart shows that the 50-day MA remains a major resistance. The bulls need to reclaim this line.

Source: TradingView

The price action failed to break out from the upper end of the Bollinger Bands as bullish volume declined.

Source: TradingView

Conclusion

Our Ethereum price analysis for Feb 9, 2022, can be concluded on a bullish note as there are chances of further upside for the token. Ethereum bulls aim to turn the current resistance of $3100-$3300, as per our Feb 7, 2022 Ethereum price analysis. The token has been bullish since the beginning of Feb, as seen in our ETH price analysis for Feb 2, 2022.