Ethereum Price Analysis: ETH Surges After Strong Recovery, Looks To Move Past $2800 

Daily Ethereum ETH Price Forecast

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Last Updated February 2nd 2022
3 Min Read
  • The Ethereum price is currently up by over 2%, as ETH continues to remain bullish. 
  • ETH has been quite bullish in recent sessions and had pushed up by nearly 5% going into the weekend. 

The Ethereum price pushed above $2700 during the ongoing session, as ETH continued its upward trajectory during the ongoing session. Since the weekend, ETH has been quite bullish, rising by nearly 5% on Friday and moving to $2547. ETH remained bullish over the weekend, rising by 2.17% on Saturday and then registering a marginal increase on Sunday to end the weekend at $2605. Monday saw ETH continue to push higher, rising by over 3% and then moving past $2700 during the ongoing session. 

Ethereum Price Chart Indicates ETH Could Push To $2800 

The Ethereum price dropped significantly heading into the previous weekend, dropping by over 14% on Friday. ETH continued to drop over the weekend, falling by 6.09% on Saturday, before recovering on Sunday, rising by 5.34% and ending the weekend at $2541. However, the price fell back on Monday, dropping by nearly 4% and falling to $2442, before registering a marginal recovery on Tuesday and moving to $2460. ETH managed to remain in the green on Wednesday as well, registering a marginal increase of 0.18%.

Image: ETH/USD daily

ETH/USD daily chart 020222

After a marginal increase on Wednesday, the Ethereum price fell back in the red on Thursday, dropping by 1.54% and falling to $2426. However, Friday saw ETH surge, as it rose by nearly 5% and moved to $2547. The price continued to remain bullish over the weekend, rising by 2.17% on Saturday and then rising by 0.10% on Sunday to end the weekend at $2605. ETH continued to push higher on Monday, rising by over 3% and moving to $2688 before going past $2700 during the ongoing session.

We can see that the MACD is currently bullish, indicating that we could see the price push higher.

Looking at IntoTheBlock’s IOMAP for the Ethereum price, we can see that ETH faces strong resistance at around $2793. At this price level, over 292,000 addresses have sold more than 8.8 million ETH.

Image: IntoTheBlock 

ETH/USD volume chart 020222

The 4-hour Ethereum price chart shows us that ETH had pushed up to $2442 on the 25th. ETH registered a marginal drop from this level before surging past the 20-bar SMA and moving to $2607 on the 26th. However, ETH fell back after reaching this level, slipping below the 20-bar SMA and dropping to $2367. The price pushed up to $2480 but fell back below the 20-bar SMA, dropping to $2390. ETH surged after dropping to this level, pushing above the 20 and 50-bar SMAs,  and rising to $2627 on the 30th. ETH fell back after reaching this level, slipping back below the 20-bar SMA and falling to $2513, before recovering and surging back above the 20-bar SMA, moving to its current level of $2791.

We can see that the MACD and Parabolic SAR are both currently bullish, indicating that we could see the price push higher.

Image: ETH/USD 4-hour

ETH/USD 4-hour chart 020222

Ethereum Price Is Expected To Reach These Levels

Looking at the Ethereum price chart, we can see that ETH is on the verge of pushing past $2800, with the price currently at $2795. If ETH can push past the resistance at $2800, we could see ETH move towards $2850-$2900. However, if ETH is unable to move past this level, we could see it drop back towards $2700.