Ether price news and price prediction this week February 3 to 9: coin likely to rise above $200
The fundamentals are positive. Let’s see whether the technicals show the same picture.
The US Commodities and Futures Trading Commission Chairman Heath Tarbert said that he expects to see Ether futures coming to the US markets. While speaking on Bloomberg TV, he said that he wants the US to lead both in digital assets and blockchain technology.
Ethereum miners are holding on to their Ether tokens. As a result, the total Ether tokens held by the mining pools have reached close to the all-time high of 1.69 million ETH, according to crypto market data platform Santiment. This shows the high confidence of miners in the project.
The possible launch of Ether futures and the hoarding of Ether tokens by the miners are positive moves that can push prices higher. While the fundamentals are positive, let’s do the Ether price analysis to see whether the technicals also project a similar picture.
Ether price prediction February 3 to 9
The Ether price analysis of the weekly chart will throw light on the long-term trend of the market while the analysis of the daily chart will help us with the Ether price prediction for the period February 3 to 9.
Ether price chart: weekly
The bulls have carried the price of Ether to the 50-week SMA, which is just below the psychological resistance of $200. We anticipate the bears to defend this zone between the 50-week SMA and $200 aggressively.
If the price turns down from the current levels, it is likely to dip to the 20-week EMA, which is likely to act as a strong support. If this level holds, the biggest altcoin might consolidate between both the moving averages for a few days.
The ETH to USD pair will pick up momentum on a break above $200. Above this level, a rally to $239.30 is possible. There is a minor resistance at $223 but we expect it to be crossed. On the other hand, if the bears sink the price below $157.36, the trend will turn negative.
Ether price analysis of the weekly chart points to a possible range-bound action for a few days. Nonetheless, let’s do the Ether price analysis of the daily chart to see if we spot any bullish setups.
ETH to USD chart: daily
Ether price analysis of the daily chart shows that the trend is up. Both moving averages are sloping up and the RSI is close to the overbought zone, which suggests that bulls are in command. However, we expect the bears to mount a stiff resistance at the psychological resistance at $200.
If the dip from the current levels finds support at the 20-day EMA, it will indicate that bulls are keen to enter on dips. This will increase the possibility of a breakout above $200. Above this level, the rally can extend to $223.
Contrary to our assumption, if the bears sink the price below the 20-day EMA, the pair will lose momentum. The next support is at $155.15. A break of this support will turn the trend in favour of the bears.
Ether price prediction for February 3 to 9: how to trade it
Ether is in an uptrend but it might face stiff resistance close to $200 levels. If the bulls struggle to push the price above this resistance, the short-term traders can book partial profits on their long positions above $190 and raise the stops on the remaining position to $155.
The long-term traders, however, can hold their long positions but reduce their risk by trailing the stops to $155.
FURTHER READING: Ether and Ethereum: what is the difference?
FURTHER READING: How to use Ethereum. How to buy Ethereum