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Ethereum (ETH) Price Analysis for February 3

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Fri, 3/02/2023 - 16:10
Ethereum (ETH) Price Analysis for February 3
Cover image via www.tradingview.com

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Bulls keep controlling the market situation as most of the coins are in the green zone.

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Top 10 coins by CoinMarketCap

ETH/USD

Ethereum (ETH) could not follow the rise of other coins, falling by 0.11%.

ETH/USD chart by TradingView

On the hourly chart, the price has broken the local resistance at $1,655 against the increased volume. If buyers can hold the price above that mark by the end of the day, the growth may continue to the $1,700 zone tomorrow.

ETH/USD chart by TradingView

On the bigger time frame, the price is slowly approaching the resistance at $1,680. That level plays an essential role for buyers in terms of the possibility of a further rise. If the candle fixes around it with no long wicks, the upward move may continue to the $1,800-$1,900 zone.

ETH/USD chart by TradingView

A similar situation can be seen on the weekly chart. The rate is trying to break the upper level of the wide channel. If that happens, the accumulated energy might be enough for a move to the nearest resistance area around $2,000.

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Such a scenario is relevant until the end of the month.

Ethereum is trading at $1,658 at press time.

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