Ethereum (ETH) Price Today (February 1): Best Analysis and Forecast
Daily analysis and predictions for Ethereum price. Photo: Finance Magnates

Daily analysis of Ethereum price - January 31, 2021

Ethereum fell by 4.79% on Sunday. Following a flat day on Saturday, Ethereum ended the week down by 5.75% to $1,313.94.

A mixed start to the day saw Ethereum rise to an early morning intraday high of $1,382.00 before hitting reverse.

Falling short of the first major resistance level at $1,417, Ethereum slid to a late afternoon intraday low of $1,283.00.

Ethereum fell through the first major support level at $1,335 and the second major support level at $1,290. Finding late support, however, Ethereum broke back through the second major support level to end the day at $1,300 levels.

At the time of writing, Ethereum was down by 1.75% to $1,291.00. A bearish start to the day saw Ethereum fall from an early morning high of $1,314.10 to a low of $1,275.30. Ethereum left the major support and resistance levels untested early on.

Ethereum (ETH) Price Today (February 1): Best Analysis and Forecast
Photo: Trading View

Reasoning

As the value of ETH retraced between the immediate support and resistance, the 50 moving average also intertwined with the candlesticks. However, as the selling pressure increases, the 50 moving average has shifted above the candles.

The Relative Strength Index did not swing but maintained its move along the equilibrium zone. The sellers and buyers were equal in the market but the dropping RSI value at 42 reaffirmed the selling pressure evolving in the market.

The reason for a minimal drop was also due to the low momentum visible in the above chart. The Awesome Oscillator was showing that the length of the green and red bars had reduced to almost zero. Thus, even if the price drops, the momentum may limit the drop, AMB Crypto cites.

Ethereum’s market though slightly bearish might witness a $10 to $20 drop and bounce back. The support of $1,322 has been strong and the price may continue within the current bracket. Traders might want to watch out for Bitcoin’s volatility which will always impact the alts.

Ethereum Forecast and ETH/USD Analysis February 1, 2021

Ethereum would need to move through the pivot level at $1,326 to support a run at the first major resistance level at $1,370.

Support from the broader market would be needed, however, for Ethereum to break out from $1,350 levels.

Barring an extended crypto rally, the first major resistance level and Sunday’s high $1,382.00 would likely cap any upside, as cited by FX Empire. In the event of another extended crypto rally, Ethereum could test resistance at $1,400 before any pullback. The second major resistance level sits at $1,425.

Failure to move through the $1,326 pivot would bring the first major support level at $1,271 into play. Barring an extended sell-off, however, Ethereum should steer clear of sub-$1,200 levels. The second major support level at $1,227 should limit the downside.

CryptocurrencyEthereum Forecast February 1 — 5, 2021

Ethereum price prediction on Monday, February, 1: minimum price $1116, maximum $1284, and at the end of the day price 1200 dollars a coin.

ETH to USD predictions on Tuesday, February, 2: minimum price $1116, maximum $1284, and at the end of the day price 1200 dollars a coin.

Ethereum price prediction on Wednesday, February, 3: minimum price $1115, maximum $1283, and at the end of the day price 1199 dollars a coin.

ETH to USD predictions on Thursday, February, 4: minimum price $1210, maximum $1392, and at the end of the day price 1301 dollars a coin.

Ethereum price prediction on Friday, February, 5: minimum price $1133, maximum $1303, and at the end of the day price 1218 dollars a coin.

* For more daily predictions of bitcoin and other cryptocurrencies, please click here!

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