skip to Main Content
bitcoin
Bitcoin (BTC) $ 76,472.49 0.77%
vested-xor
Vested XOR (VXOR) $ 3,405.08 99,999.99%
ethereum
Ethereum (ETH) $ 2,885.46 7.60%
tether
Tether (USDT) $ 1.00 0.05%
solana
Solana (SOL) $ 196.88 5.01%
bnb
BNB (BNB) $ 599.98 1.98%
usd-coin
USDC (USDC) $ 0.999064 0.19%
xrp
XRP (XRP) $ 0.556333 2.96%
dogecoin
Dogecoin (DOGE) $ 0.192805 0.89%
staked-ether
Lido Staked Ether (STETH) $ 2,882.52 7.47%

Ethereum Price Analysis: ETH Surges Past $3K But Worrying Signs Appear

Key Support levels: $3,000, $2,805 

Key Resistance levels: $3,400, $3,750

ETH’s price action has been somewhat reserved once it reached $3,000 without a strong conviction to move higher. However, despite the hesitation from buyers, the cryptocurrency continued to go higher reaching $3,235 today on Bitstamp. The $3,000 level turned into support, and the next key resistance is found at $3,400.

ETHUSD_2022-02-08_09-36-41
Chart by TradingView

Technical Indicators

Trading Volume: While the price went up, the volume went down. If the overall market turns bearish or enters a pullback, ETH appears weak and can fall under $3,000 again.

RSI: The daily RSI has moved to 60 points, placing it on the bullish side. The buyers need to sustain this level, otherwise, ETH is vulnerable to selling pressure.

MACD: While the daily MACD is bullish, the histogram confirms a loss of momentum. If the histogram makes a lower high, then it is best to take that as a warning. This can quickly be erased if buyers step in.

ETHUSD_2022-02-08_09-36-23
Chart by TradingView

Bias

The current bias for ETH is bullish. However, ETH appears weak with decreasing volume and is losing momentum. The resistance at $3,400 may be hard to pass for that reason.

Short-Term Price Prediction for ETH

Even if ETH is above $3,000, this latest price action can quickly reverse if selling pressure intensifies. The loss of momentum and low volume is a concern. Nevertheless, the current market favors bulls, and ETH can benefit from that. Should the price continue to go up from here, the next key resistance is found at $3,400.

Loading data ...
Comparison
View chart compare
View table compare
Back To Top