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Technical Analysis for ETHUSD for 7th February 2022

Ethereum Breaks above a 2-Month Support Level, ETH Could Reach $3.5k

Past Performance of ETH

Ethereum is recovering after a worse start of the year in two years. At spot rates, ETH prices are bouncing above $3k as bulls flow back. Given the surge and the inability of sellers to squash optimistic buyers, the coin appears primed for the next leg up in the session ahead.

Ethereum Technical Analysis

The high volume bull-bar of February 4 has relatively high trading volumes suggesting trader participation. As traders are upbeat, looking to double down on dips, every low within the February 4 may offer entries for optimistic bulls targeting $3.5k in the immediate term. Already, a new trend is emerging as ETH prices trend above the flexible resistance, now support, for the first time since December 9.

What to Expect of ETH

The path of least resistance is shifting to favor bulls. ETH prices are trading above the middle BB, a flexible resistance line—now support—for the first time in two months. At this pace, ETH could quickly expand to $3.5k—or better in subsequent sessions.

Resistance level to watch: $3.5k

Support level to watch: $2.8-$3k

Disclaimer: Opinions expressed are not investment advice. Do your research.

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