Ethereum Technical Analysis: ETH Pushes Above $2600, Set To Move Higher 

Daily Ethereum ETH Price Analysis

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Last Updated January 31st 2022
3 Min Read
  • The Ethereum price has managed to register a fairly significant increase over the past couple of sessions, moving above $2600. 
  • The current session sees ETH marginally up, as buyers look to push the price higher and consolidate. 

The Ethereum price has managed to register a relatively sustained positive momentum, seeing ETH move above the $2500 and $2600 levels, with buyers still in control. ETH has reported a marginal increase on Wednesday after a very volatile session before dropping back on Thursday and falling to $2426. The price managed to recover on Friday, rising by nearly 5% and moving to $2547 and then continued to push higher on Saturday, rising by 2.17% and moving above the $2600 level, settling at $2602. 

Ethereum Price Chart Indicates ETH Could Push To $2650 

The Ethereum price started the previous weekend on an extremely bearish note, dropping by over 14% on Saturday and settling at $2569. ETH continued to drop on Saturday, slipping below the $2500 level after a fall of over 6%, before recovering on Sunday and ending the weekend at $2541, an increase of over 5%. However, Monday saw ETH back in the red, as the price fell by nearly 4%, dropping to $2442, before registering a marginal recovery of 0.71% on Tuesday and moving to $2460.

Image: ETH/USD daily

ETH/USD daily chart 013122

The Ethereum price managed to remain in the green on Wednesday, registering a marginal increase after a highly volatile session. The price fell back on Thursday, dropping by 1.54% and falling to $2426. However, Friday saw ETH register a strong recovery, rising by nearly 5% and moving above $2500 to $2547. The price remained in the green over the weekend, rising by 2.17 and settling at $2602 before pushing higher during the ongoing session.

We can see that the Parabolic SAR has just flipped to bullish, indicating that we could see the price push higher.

Looking at IntoTheBlock’s IOMAP for the Ethereum price, we can see that ETH has strong support at around $2256. At this price level, over 451,000 addresses have bought more than 9.9 million ETH. ETH also faces strong resistance at around $2887, where over 524,000 addresses have sold more than 8.6 million ETH.

Image: IntoTheBlock 

ETH/USD volume chart 013122

The 4-hour Ethereum price chart shows us that ETH had registered a sharp drop on the 24th when the price fell to $2238. ETH made a fairly strong recovery from this level, rising to $2442 and then moving above the 20-bar SMA and rising to $2607 on the 26th. However, ETH fell back after reaching this level, slipping below the 20-bar SMA and falling to $2367. The price recovered from this level, pushing back above the 20-bar SMA and rising to $2480 before dropping back below the SMA to $2396. With the 20-bar SMA now acting as resistance, ETH could only push above this level on the 29th, when the price surged past the 20 and 50-bar SMAs and moved to its current level of $2607.

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

Image: ETH/USD 4-hour

ETH/USD 4-hour chart 013122

Ethereum Price Is Expected To Reach These Levels

Looking at the Ethereum price chart, we can see that ETH has been quite bullish over the past few sessions, pushing past crucial levels of $2500 and $2600. If the current sentiment persists, ETH could push towards $2650.