Ethereum Breaks Recent Barrier Line And Is On The Verge Of Recapturing The $1,800 Level

Feb 03, 2023 at 08:30 // Price
Coin Idol
Another uptrend of Ether is expected

The Ethereum price (ETH) is in an uptrend as it trades above the $1,600 level.

Long-term analysis of the Ethereum price: bullish

Since January 20, buyers have failed to keep the price above the $1,600 resistance level. As Ether has climbed to a high of $1,698, the cryptocurrency's price has now broken through the resistance level. If buyers can overcome the resistance levels of $1,600 and $1,700, Ethereum will rise to a high of $1,800. The upward momentum will eventually reach the $2,000 psychological price threshold at that point. However, the largest altcoin has fallen back above the $1,600 support and has started to consolidate back above it. If the current support is broken, the price of the altcoin will fall to the $1,500 area. If the bears break the $1,500 support, the downtrend will resume.

Analysis of Ethereum indicators

Ether's Relative Strength Index is at 64 for the 14 period, and the altcoin's price has rallied today, pushing the RSI to a new high. The price increase is due to the fact that the price bars remain above the moving average lines. The stochastic daily value of 80 is the point where the cryptocurrency value is in an uptrend. Ether has continued to rise despite the overbought situation.

ETHUSD(Daily Chart) - February 2 (1).23.jpg

Technical indicators:

Key resistance levels - $2,000 and $2,500

Key support levels - $1,800 and $1,300

What is the next direction for Ethereum?

Ether has fallen below the $1600 support level after being knocked back at the $1,698 resistance level. As long as it stays above the $1,600 support level, the trend is up. Before the recent price increase, the Ether price was hovering between $1,500 and $1,600, and it is predicted that the altcoin will continue to rise.

ETHUSD(4 Hour Chart) - February 2 (1).23.jpg

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their research before investing in funds.

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