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Ethereum price analysis: ETH moves higher, looks to break $2,950 resistance?


www.cryptopolitan.com 04 February 2022 17:05, UTC
Reading time: ~2 m

  • Ethereum price analysis is bullish today.
  • ETH/USD set a clear higher low yesterday.
  • Strong bullish momentum has been seen since midnight.

Ethereum price analysis is bullish today as we expect more upside to be tested after a very strong upside momentum persisted over the last 24 hours. However, the market could peak soon as the $2,950 mark previously offered strong support and now has turned into resistance.

Ethereum price analysis: ETH moves higher, looks to break $2,950 resistance? 1
Cryptocurrency heat map. Source: Coin360

The market has seen strong bullish momentum over the last 24 hours. The leader, Bitcoin, has gained 10.78 percent, while Ethereum has over 13.63 percent. Meanwhile, Solana (SOL) is the top performer, with a gain of over 16 percent.

Ethereum price movement in the last 24 hours: Ethereum rallies by 14 percent, tests $2,950 mark

ETH/USD traded in a range of $2,587.78 – $2,906.45, indicating strong volatility over the last 24 hours. Trading volume has increased by 20.2 percent, totaling $17.16 billion. Meanwhile, the total market cap trades around $345.3 billion, resulting in a market dominance of 18.99 percent.

ETH/USD 4-hour chart: ETH looks ot break $2,950 next

On the 4-hour chart, we can see the bullish momentum still continuing, likely indicating a break of the $2,950 resistance will be seen soon.

Ethereum price analysis: ETH moves higher, look to break $2,950 resistance?
ETH/USD 4-hour chart. Source: TradingView

Ethereum price action has seen strong signs of recovery over the past week. After the $2,700 previous resistance was broken on the 1st of February, ETH/USD set another higher high at $2,800.

From there, the following retracement to $2,600 established a clear higher low before more upside returned late yesterday. Since then, ETH has gained around 14 percent to the next resistance area around $2,950-$3,000.

Likely we will soon see the Ethereum price peaking as strong higher highs have already been reached. Therefore, over the weekend, we will likely see ETH/USD retrace and look to establish another higher low.

Ethereum price analysis: Conclusion 

Ethereum price analysis is bullish today as we have seen a strong advance over the last 24 hours with no signs of slowing down yet. Likely ETH/USD will test the $3,000 mark next, further indicating strength in the market.

While waiting for Ethereum to move further, see our articles on Coinbase vs Coinbase Pro, Hardware vs Software wallet comparison, best Crypto trading platforms in the USA.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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