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Ethereum (ETH) Price Analysis for February 2

Thu, 02/02/2023 - 18:00
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Denys Serhiichuk
Can Ethereum (ETH) keep rising faster than Bitcoin (BTC)?
Ethereum (ETH) Price Analysis for February 2
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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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The cryptocurrency market keeps trading in the green area, according to the CoinMarketCap ranking.

Top coins by CoinMarketCap


Ethereum (ETH) is outperforming Bitcoin (BTC), rocketing by 4.87%.

ETH/USD chart by TradingView

Despite the rise, the price has fixed below the hourly support at $1,661, which means that sellers might have locally seized the initiative. If the situation does not change by the end of the day, the correction may continue to the $1,640 mark.

ETH/USD chart by TradingView

On the daily time frame, the rate has made a false breakout of the resistance at $1,680. At the moment, traders should pay close attention to the $1,661 mark.

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If closure happens above it, the further midterm rise can continue. Such a scenario is relevant until mid-February.

ETH/USD chart by TradingView

From the midterm point of view, Ethereum (ETH) has once again bounced back to the $1,600 mark, which means that bulls are ready for continued growth. In this regard, there is a possibility of seeing the test of the $1,700 mark in the upcoming week.

Ethereum is trading at $1,664 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at