https://ift.tt/lKuENO2 Trades Above $3000 as a Retracement May Follow

Ethereum Price Prediction – February 5

The Ethereum price prediction shows that ETH is moving higher and above the main barrier of $3900 as the coin stays higher.

ETH/USD Market

Key Levels:

Resistance levels: $3500, $3700, $3900

Support levels: $2500, $2300, $2100

ETH/USD keeps the bullish movement as the coin breaks higher. At the time of writing, the Ethereum (ETH) is making a gain of almost 0.55% and touches the daily high of $3063. However, the second-largest crypto is managing to keep its price above the 9-day and 21-day moving averages. Meanwhile, traders can expect Ethereum to prepare itself steadily for a ride towards $4000.

Ethereum Price Prediction: ETH Price Ready for the Upside

In the last few days, Ethereum price has moved from $2358 to $3063 and at the same time moving towards the upper boundary of the channel. However, the ongoing trend may move a little bit higher in the coming week if the 9-day moving average crosses above the 21-day moving average as the coin may reach the nearest resistance at $3200, therefore, any further bullish movement could hit additional resistance levels at $3500, $3700, and $3900 respectively.

However, a bearish drop below the moving averages may roll the market back below the moving averages and to the initial support level of $2600. Meanwhile, the support levels could be located at $2500, $2300, and $2100. As the trading volume increases, the technical indicator Relative Strength Index (14) moves around 55-level which indicates that more bullish signals may come to play.

When compares with Bitcoin, Ethereum is currently trading above the 9-day and 21-daymoving averages. The price is changing hands at 7241 SAT as the technical indicator Relative Strength Index (14) moves above 50-level. However, the daily chart reveals that the coin is retreating after touching the daily high of 7319 SAT.

Negatively, the critical support levels are located at 6500 SAT and below. Inversely, a higher sustainable move may likely attract new buyers to the market with the next resistance at 8000 SAT and above.

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