Ethereum price analysis: ETH marching towards $2.8K

Ethereum price analysis for Feb 4 brings a bullish analysis for Ethereum as the world’s second-biggest cryptocurrency aims to reclaim $2.8K. The token has been bearish this week, falling below $2.7K as per our Ethereum analysis for Feb 3. The $2.8K region is a heavy resistance for the token. 

As per our Ethereum price analysis for Feb 2, 2022, Ethereum was unable to break above $2.8K. It is important for ETH to break into the $3K region and reclaim $3.3K, which was lost recently, as per our ETH price analysis on Jan 17, 2022. The daily candle for Feb 4 started the day at a price of $2695 and reached a daily high of $2780. Furthermore, the token fell to a daily low of $2671.  

The data from CoinMarketCap shows a 6.34% drop in trading volume followed by a rise of 4.15% in the market cap. The token is currently low by 43.43% from its all-time high witnessed on Nov 16, 2021, at $4,891.70. The drop in trading volume suggests that it is not very likely that ETH will break above $2.8K. 

Ethereum price analysis on the daily candle

Ethereum price analysis on the daily candle includes two indicators: the A/D line and the RSI indicator.

The A/D line continues with higher highs, and it seems that a trend reversal for Ethereum is right around the corner. A similar situation can be seen for BTC as well, as per our Bitcoin price analysis for Feb 4.

Source: TradingView

The RSI line on the chart below shows that the line is also making higher highs and aims to break above the 50-mark. If ETH succeeds in breaking into a bullish region, we will see higher prices.

Source: TradingView

Conclusion

Ethereum is widely popular, and as a result, our Ethereum price analysis is concluded on a bullish note in the long term. Recently, TheCoinRise reported that two famous billionaires came out in support of Ethereum.