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Ethereum (ETH) Price Analysis for February 6

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Mon, 6/02/2023 - 13:45
Ethereum (ETH) Price Analysis for February 6
Cover image via www.tradingview.com

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The week has started with the ongoing correction of the cryptocurrency market as most of the coins keep trading in the red zone.

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ETH/USD

Ethereum (ETH) is feeling better than Bitcoin (BTC), going down by 0.82%.

ETH/USD chart by TradingView

On the local chart, the price of Ethereum (ETH) is slowly approaching the resistance after the false breakout of the support at $1,619. If bulls' pressure continues, traders can expect an impulse to the $1,650 zone. Such a scenario is relevant until the end of the day.

ETH/USD chart by TradingView

On the bigger time frame, the price of Ethereum (ETH) keeps accumulating power for a further move. At the moment, the rate is closer to the resistance than to the support, which means that there is still a chance to see one more wave of growth.

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That might happen if the candle gets back to the $1,680 mark and fixes above it.

ETH/BTC chart by TradingView

Ethereum (ETH) is feeling much better on the daily chart against Bitcoin (BTC). Bulls can seize the initiative as a fall has not occurred after the recent bearish candle. However, one can think about the midterm growth only if the bar comes back to the 0.072 mark. But it might take some time before that occurs, as the leading altcoin has not accumulated enough strength for such a move.

Ethereum is trading at $1,633 at press time.

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