Ethereum price analysis: ETH reclaims $3.2K

Cryptocurrency Price analysis and Prediction

February 10, 2022

Cryptocurrency Price analysis and Prediction

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Ethereum price analysis on the daily chart shows that the world’s second-biggest cryptocurrency might take a shot at the $3.3K in the near future. However, this has been a major zone of resistance that the token lost in Jan, as reported in our Ethereum price analysis for Jan 17, 2022. Over the last couple of days, Ethereum has aimed to reclaim this price zone but has failed to do so.

Currently, the $3.1K zone is the nearest support for Ethereum while the $3.3K zone is a major resistance. It is also important to note that the chances of Ethereum breaking above $3.3K today are relatively low since the world’s biggest cryptocurrency, Bitcoin, has been sluggish for the past 24 hours, as seen in our Bitcoin price analysis for Feb 10, 2022.

The data from CoinMarketCap shows that Ethereum began its daily chart at a price of $3243 and reached a daily high of $3248 but wasn’t able to push into $3.3K. Moreover, the daily low for Ethereum stands at a price of $3.187K. On the other hand, the trading volume of the token declined 20.05% in the last 24 hours followed by a rise of 5% in the market cap.

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Ethereum price analysis on the daily chart

The Ethereum price analysis on the daily chart below shows that the prices aim to break out of the upper end of the Bollinger Bands which would mean that higher prices will follow.

Source: TradingView

The RSI line continues to create higher highs and reads 59.16. The gradient for today has turned slightly negative indicating sluggishness.

Source: TradingView

Conclusion

Ethereum price analysis for Feb 10, 2022 can be concluded on a sluggish note for the short term as the price level of $3.3K is a strong resistance point for Ethereum. It is also important to note that Australian university researchers have published a paper that says that Ethereum is a superior store of value than Bitcoin. TheCoinRise is bullish on Ethereum.