ETH Price Prediction – February 5
ETH/USD has seen a sharp 4.78% price rise within 24 hours which has brought the price of the cryptocurrency to $197.
ETH/USD Market
Key Levels:
Resistance levels: $212, $214, $216
Support levels: $170, $168, $166
At the moment, ETH/USD is trading up over 4.78% at its current price of $197.24, which marks a heavy climb from its recent lows of under $187 that was set yesterday. Ethereum’s ability to display a strong and rapid limit after a brief drop below $187 indicates that the level of short-term support will be significant and will likely continue until Bitcoin is under significant short-term selling pressure.
However, the Ethereum price has continued to rise further higher until it finds resistance at the expected level of $200. Looking at the daily chart, we can see that ETH/USD even spiked higher into the resistance level at $198.73. Therefore, if the buyers continue to push the market higher, the immediate resistance above $205 level will be located. Above this, further resistance levels lie at $212, $214 and $216.
Alternatively, if the sellers try to bring down the price to the support level of $180, the bears can expect immediate support to be located at $175 which is around the 21 periods EMA. Below $175, further support is found at $170, $168 and $166. Meanwhile, the RSI (14) moves into the overbought zone, which shows that the buyers are still dominating the market.
When compared with Bitcoin, Ethereum is still trading above the 21 periods and 50 periods EMA within the ascending channel and the price is now hovering at 2097 SAT as the RSI (14) moves into the overbought zone. Meanwhile, the daily chart reveals that the bulls remain the controller of the market where the pair seems to break above the channel.
At the upside, the resistance levels to be reached are 2200 SAT and 2250 SAT. Conversely, a lower sustainable move may likely cancel the bullish pattern and this could attract new sellers to the market with the next focus on 1900 SAT and 1850 SAT support levels.
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