Ethereum price analysis: ETH up 12% in last 7 days, forming an uptrend?

Ethereum price analysis on the daily chart brings a bullish analysis for ETH as the world’s second-biggest cryptocurrency rose 7% in the last 24 hours. Moreover, the month of January hasn’t been quite favorable for ETH as TheCoinRise reported in the Ethereum analysis for Jan 31, 2022.

The data from CoinMarketCap shows that the trading volume of the token rose 27.98% in the last 24 hours followed by a 7.09% rise in the market cap. The market dominance of the token is at 18.38%. On the other hand, Bitcoin also started in Feb on a bullish note, as per our Bitcoin price analysis for Feb 1, 2022. 

The daily candle for Feb 1 2022 started at a price of $2686 and reached a daily high of $2706. However, the bulls were unable to move any higher as the token fell to the daily low of $2673. At the time of writing, the price of 1 ETH is $2700. ETH was stuck at $2.6K as per our previous reports which is now a major support region. 

Ethereum price analysis on the daily chart

The Ethereum price analysis on the daily chart shows that ETH is at an interesting point in its journey. The price action is just below the middle region of the Bollinger Bands and it seems that Ethereum might break into the upper end of the Bands.

Source: TradingView

The RSI level has shot up from the oversold levels, as seen in our Ethereum price analysis for Jan 29, 2022. Moreover, the world’s second-biggest cryptocurrency is aiming for a $3,300 lost support level. 

Source: TradingView

Conclusion

Ethereum has been quite popular in 2021 as well. The token has seen a huge surge in prices in 2021 and was among the top 10 most popular cryptocurrencies. It seems that Ethereum will continue with the same trajectory in the coming years. Therefore, we conclude our Ethereum price analysis for Feb 1 on a bullish note.