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Ethereum (ETH) Price Analysis for February 9

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Thu, 9/02/2023 - 15:25
Ethereum (ETH) Price Analysis for February 9
Cover image via www.tradingview.com

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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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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.

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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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