Ethereum price analysis: ETH nears $2.8K, up 9% in 7 days

Ethereum price analysis for Feb 2, 2022, brings a bullish scenario for the world’s second-biggest cryptocurrency despite ETH underperforming in January. The token rose nearly 9% in the last 7 days, and at the time of writing, the price of 1 ETH equals $2740. It seems that Ethereum is aiming to form an uptrend, as per a previous report from TheCoinRise.

Ethereum had formed 5 bullish green candles after falling 0.28% on Feb 2 at the time of writing. The data from CoinMarketCap shows that the trading volume of Ethereum declined 18.335% in the last 24 hours, followed by a 0.60% rise in the market cap. It seems that the ETH token has been quite sluggish for the day. 

The daily candle for Feb 2 started at a price of $2787 and reached a daily high of $2803. $2.8K remains as a resistance level while the previous resistance of $2.6K has been turned into a support level.

Ethereum price analysis on the daily chart

The Ethereum price analysis on the daily chart below shows that the price action for ETH aims to break into the middle zone of the Bollinger Bands. If the token breaks above the middle region, ETH prices might rise further and reclaim $3K.

Source: TradingView

The RSI indicator on the chart below shows that the RSI line has rebounded straight from the oversold levels witnessed on Jan 27, 2022. The line is making higher highs which means BTC will soon reclaim the important support of $3.3K lost as per our Ethereum price analysis for Jan 17, 2022.

Source: TradingView

Conclusion

The Ethereum price analysis for Feb 2, 2022, ends on a bullish note for the token with the next target at $2.8K. Moreover, if you want to know more about Ether, you can explore the digital bearer asset. Furthermore, Bitcoin is also stuck below $39K as per our Bitcoin price analysis for Feb 2.