Ethereum price analysis: ETH holds above $3K

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Ethereum price analysis for Feb 6 comes with a bullish prediction for the world’s second-biggest cryptocurrency. It seems that the bears are taking an aim towards retesting the $3K price level, which was recently reclaimed by the token, as per Ethereum price analysis for Feb 5, 2022. 

As per Ethereum price analysis for Feb 4, 2022, the token moved past the $2.8K resistance level and headed for higher price levels. However, from our price analysis for Jan 31, it was clear that ETH has underperformed in the month of January.

The data from CoinMarketCap shows that the trading volume for Ethereum dropped 44.38% in the last 24 hours, followed by a 0.20% rise in the market cap of the token. In the last 24 hours, the token rose from a low price of $2,971.77 to a high at $3,054.13. 

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The daily candle was initiated at a price of $3012 and reached a daily high of $3033. However, the daily low for today stands at a price of $2988, and it seems that the prices might remain sluggish for today. 

Ethereum price analysis on the daily chart

Ethereum price analysis on the daily chart suggests that the world’s second-biggest cryptocurrency might now try to enter the $3.3K price level. This zone was lost, as reported by our Ethereum price analysis of Jan 17, 2022.

The chart below shows that the accumulation of Ethereum has continued to make all-time highs, and the A/D line might rise in the near future.

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Source: TradingView

The RSI line, on the other hand, shows that just like our Bitcoin price analysis for Feb 6, ETH has also broken above the middle region and reads 54.02.

Source: TradingView

Conclusion

Ethereum’s next step is to reclaim the $3,300 price region, and if it doesn’t, then traders can witness a slight fall towards the lower support of $2.8K. However, TheCoinRise also suggests that the chances of BTC breaking above $41K are high.

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