The February 4 Ether price analysis brings bullish analysis for Ether as the world's second largest cryptocurrency aims to recover $28K. According to our analysis of Ether for February 3, the token has been bearish this week, falling below $2.7K. The $2.8K area is a major resistance for the token.

According to our ETH price analysis on February 2, 2022, ETH cannot break above $28,000. According to our ETH price analysis on January 17, 2022, it is very important for ETH to break through the $3,000 area and recover the $3,300 recently lost. the daily candle on February 4 started at $2,695 and reached a daily high of $2,780. In addition, the token fell to a daily low of $2671.

According to CoinMarketCap, trading volume fell 6.34%, followed by a 4.15% market cap gain. The token is currently 43.43% below its all-time high of $4,891.70 on Nov. 16, 2021. The drop in trading volume suggests that ETH is unlikely to break $2,800.

Daily candles for ethereum price analysis

The Ether Daily Candle price analysis consists of two indicators: the A/D line and the RSI indicator.

The A/D line continues to move higher and it seems that a trend reversal in Ether is just around the corner. A similar scenario can be seen for BTC based on our Feb. 4 Bitcoin price analysis.

Ether Price Analysis Source: TradingView

The RSI line in the chart below shows that the line is also making higher highs and aiming to break the 50 mark. If ETH manages to enter the bullish zone, we will see even higher prices.

Ether Price Analysis Source: TradingView

Conclusion

Ether is widely popular and as a result, our Ether price analysis is bullish in the long run. Recently, TheCoinRise reported on two famous billionaires who came out in support of Ether.

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