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Ethereum (ETH) Price Analysis for February 9

Thu, 02/09/2023 - 15:25
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Denys Serhiichuk
How great are chances to see imminent rise of Ethereum (ETH)?
Ethereum (ETH) Price Analysis for February 9
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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 market seems in need of a slight correction as most of the coins are in the red zone.

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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.

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.

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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