Ethereum Price Prediction – February 7
The Ethereum price prediction may cause the coin to create a new upward movement as the technical indicator heads to the north.
ETH/USD Market
Key Levels:
Resistance levels: $3700, $3900, $4100
Support levels: $2500, $2300, $2100
ETH/USD is currently recovering above $3100 and it is likely to climb above $3500 soon. The Ethereum price is currently hovering above the 9-day and 21-day moving averages as bulls are dominating the market. Meanwhile, the red-line of the 9-day MA is crossing above the green-line of the 21-day MA to confirm that the bulls are here for business.
Ethereum Price Prediction: Would ETH Price Reach $3300 Level?
According to the daily chart, the Ethereum price may continue to create a new uptrend as it is likely for the coin to hit the resistance level of $3300 if the price crosses above the upper boundary of the channel. Meanwhile, ETH/USD remains in a bullish position and if the world’s second-largest coin stays above the moving averages, it could present more of a chance of bullish movement.
Meanwhile, if the traders could see a tremendous climb above the channel which is fast approaching; it may likely reach the resistance at $3700, $3500, and $3200 levels. On the contrary, dropping below the moving averages may hit the critical support levels of $2500, $2300, and $2100 respectively while the technical indicator Relative Strength Index (14) moves to cross above 60-level.
Against Bitcoin, Ethereum is likely to follow a bearish sentiment as the coin breaks below the 9-day moving average. The coin is currently suffering from a strong buying power as the bears are trying to gain momentum. Meanwhile, the sellers may continue to release huge pressure on the market if the coin crosses below the 21-day moving average.
Currently, the technical indicator Relative Strength Index (14) nosedives below 50-level, and should the bears manage to find support at this level, a downward movement could bring the price to the support level of 6700 SAT and below. But, a push toward the upper boundary of the channel could lead the market price to the resistance level of 7700 SAT and above.
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