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    Home » ETH » ETH Rallies 30% Since Last Week’s Lows, Is $3,000 Incoming? (Ethereum Price Analysis)

    ETH Rallies 30% Since Last Week’s Lows, Is $3,000 Incoming? (Ethereum Price Analysis)

    Author: Duo Nine

    Last Updated Feb 1, 2022 @ 12:12

    ETH managed to rally towards the next major key resistance level at $2,800. So far, since recording a bottom of $2160 just a week ago, Ethereum’s price had seen massive 30% gains.

    Key Support levels: $2,550, $2,200

    Key Resistance levels: $2,805, $3,000

    ETH closed in green the past five days, reaching the key resistance at $2,805 (20-day moving average line). Now price is consolidating just under this key level in anticipation of a new attempt to break above – in case the bullish sentiment continues.

    If successful, ETH would be on a clear path to reach $3,000. From the other side, the support at $2,550 has held well the retest from yesterday (confirmed as support).

    ETHUSD_2022-02-01_13-35-54
    Chart by TradingView

    Technical Indicators

    Trading Volume: Decent amount of volume on this latest move higher. The key resistance is putting pressure on the price to decide its direction over the next short-term.

    RSI: Great news for bulls as the daily RSI has finally made a higher high. This is very significant because it breaks the downtrend which started in November and could be the start of a major bullish reversal.

    MACD: The daily MACD has been bullish for over three days, and the momentum favors buyers at this time. If ETH can break the key resistance, then expect a continuation of this rally.

    ETHUSD_2022-02-01_13-36-29
    Chart by TradingView

    Bias

    The current bias for ETH is bullish. We will have to watch the $2800 key resistance levels closely and $3,000 as they will define the price action for the remainder of the week.

    Short-Term Price Prediction for ETH

    ETH appears well-positioned to break the critical resistance at $2,800, considering the indicators have turned bullish. Nevertheless, buyers should wait patiently until a breakout is confirmed with a successful retest of the resistance as support.

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    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

    Cryptocurrency charts by TradingView.
    Tags: Ethereum (ETH) Price
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    About The Author

    Duo Nine
    More posts by this author

    Duo Nine is a seasoned cryptocurrency technical analyst with over five years of experience in price action trading. After buying his first Bitcoin in 2014, Duo never left the blockchain ecosystem. You will find him posting charts most of the time and hanging out on his Discord crypto community. Contact: Twitter

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