Ethereum Price Analysis - February 1

Azeez Mustapha

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ETHUSD Long-term Trend: Bullish.

Resistance: $1,140, $1,120, $1,100

Support: $1,040, $1,060, $1,080

Ethereum has been bullish since the beginning of this week. There are prospects of its rise because it has been rated more than bitcoin and Ripple’s XRP last week by a Florida based Weiss ratings. Technically, the bullish trend was as a result of its price breaching Fib retracement level of 50.00.

It is expected that in an uptrend if the price retraced from the high it will encounter support at one of Fibonacci level. However, with the positive news from South Korea, crypto currencies will have strong move in the days to come. But if negative news is received, bulls may sell and that would lead to the currency falling. Today, price is expected to continue its northward movement.

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ETHUSD short-term trend: Bullish.

The market price is falling since the beginning of the week. That is from its Sunday’s close of $1,116 .The 50-day moving average and 20-day moving average (MA) is trending upward. Similarly, RSI indicator shows that the price has reached the oversold condition. When price reached an oversold condition traders can take long positions. However, support levels of 1,040, 1,060, and 1,080 will be breached and price will trend northward movement.