Main navigation

Ethereum (ETH) Price Analysis for February 6

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

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

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

Top coins by CoinMarketCap

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.

Related

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.

Related articles

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement
Advertisement

Recommended articles

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD