Ethereum price analysis: ETH reclaims $3K, next target towards $3.3K

Ethereum price analysis on the daily chart confirms that ETH has reclaimed the previously lost support of $3K. Moreover, it seems that ETH is following Bitcoin’s price movement as the world’s biggest cryptocurrency has reclaimed $41.5K. We saw ETH break below $3.3K as per our Ethereum price analysis of Jan 17, 2022. Moreover, $3.3K right now is a major resistance for Ethereum.

The data from CoinMarketCap shows that the trading volume of Ethereum rose 63.68% in the last 24 hours, followed by an 11.32% rise in the market cap. Furthermore, the daily candle for ETH started at a price of $2994 and reached a daily high of $3037. Moreover, the daily low for ETH stands at $2958. 

In our previous Ethereum price analysis, it was confirmed that ETH underperformed in the month of January with a 30% loss overall. In the last 7 days, the token rose from a low of 2,489.07 USD to a high of 3037 USD. The weekly candle for the week starting Jan 31 is up 16%. It seems that February might be bullish for Ethereum.

Ethereum price analysis on the daily chart

Ethereum price analysis on the daily chart shows that the accumulation of Ethereum is on the rise and the token is increasingly popular among investors. The line is making higher highs. The next step for ETH might be to reclaim $3.3K and head towards $3.5K. 

Source: TradingView

The chart below shows the MACD indicator, which confirms that the MACD line (blue) broke above the signal line (orange), and prices rose by a massive amount. This confirms a bullish divergence for ETH.

Source: TradingView

Conclusion

The Ethereum price analysis on the daily chart confirms a bullish long-term scenario for ETH. It is also important to note that ETH will see increased interest since Bakkt announced Ethereum support for retail clients. Many billionaires have supported Ethereum and believe that ETH will outperform BTC in the long term.