Advertisement
AD

Main navigation

Ethereum (ETH) Price Analysis for February 9

Advertisement
Thu, 9/02/2023 - 15:25
Ethereum (ETH) Price Analysis for February 9
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 market seems in need of a slight correction as most of the coins are in the red zone.

Advertisement

Top coins by CoinMarketCap

ETH/USD

Ethereum (ETH) is more of a loser than Bitcoin (BTC), going down by 1.75% over the last 24 hours.

ETH/USD chart by TradingView

Despite the fall, Ethereum (ETH) is looking bullish from the local point of view. The price has reached the resistance at $1,642.60 and is currently trading near it. If buyers can hold the gained initiative until the end of the day, the breakout may lead to the test of the $1,660 zone tomorrow.

ETH/USD chart by TradingView

On the daily time frame, neither bulls nor bears are controlling the situation as the price keeps trading sideways. Such a statement is also confirmed by the declining volume.

Related
Binance Coin (BNB) Price Analysis for February 8

One can think about a possible upward move only if the rate gets back to the $1,700 mark and fixes above it.

ETH/USD chart by TradingView

A similar situation can be seen on the weekly chart as the price is accumulating power in the middle of a wide channel, between the support at $1,533 and the resistance at $1,714. In this case, the more likely scenario is ongoing consolidation in the area of $1,600-$1,700 so that Ethereum (ETH) could gain more strength for a further move.

Ethereum is trading at $1,640 at press time.

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement

Latest Press Releases

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

Popular articles

Advertisement
AD