Ethereum (ETH) Price Analysis for February 9

Most of the cryptocurrencies are back to the red zone at the beginning of the week, according to CoinStats.

$ETH/USD

The rate of Ethereum ($ETH) has fallen by 3% over the past day.

On the hourly chart, the price of $ETH is rising after a false breakout of the local support at $2,013. If bulls’ pressure continues, there is a high chance of seeing a test of the resistance tomorrow.

On the longer time frame, the situation is neither bullish nor bearish as the rate of the main altcoin is far from support and resistance levels.

Thus, the volume keeps falling, confirming the absence of buyers and sellers’ energy. All in all, traders are unlikely to witness sharp moves soon.

From the midterm point of view, the rate of XRP is in the middle of a wide channel, between the support at $1,385 and the resistance at $2,624. As none of the sides is dominating, consolidation in the range of $1,900-$2,100 is the most likely scenario.

Ethereum is trading at $2,062 at press time.

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