Ethereum Weekly Price Analysis Week 01/03

The Ethereum blockchain is often referred to as a revolutionary technology because it allows for the execution of code on a blockchain.

Ethereum price depends on many factors. The main factors here are the positive and negative opinions of users whether they recommend Ethereum or not. The popularity of Ethereum is increasing day by day and gradually a large number of applications are being developed for Ethereum platform to use ETH as one of their payment means. So, it has become important to know that what is the future of Ethereum (ETH).

Now, coming towards the price analysis: After an initial surge in price, Ethereum has seen significant downturns this week. The RSI fluctuated between 36.17 and 49.31. The token fell nearly 10% this week so far for its worst week since the beginning of September, in the wake of impending options expirations.

On Monday 27th, the price of Ethereum dropped from $4067.33 to $4037.55, a decrease of 0.63 percent. It remained above the $4000 level, however, which is considered positive news in the crypto community.

On Tuesday 28th, the price drastically dropped to 7.14 percent with the closing rate of $3800.89.

The price of Ethereum on Wednesday, 29th December 2021, saw its all-time low in comparison with the previous weeks. It was at a 36.17-point drop in the Relative Strength Index (RSI) when compared to its highest point earlier. This means that it had great dips.

On Thursday, Ethereum rose a few percentage points of RSI of 39.70 at the closing price of $3713.85.

The price slightly dropped to 3682.63 having an RSI index of 38.85, on Friday 31st.

The price of ether in the New Year 2022 reached $3769.70, with an RSI value of 42.54 by January 1st, 2022, leaving hope for investors of this digital asset.

At the end of the week on Sunday, February 2, 2022, the trading price for one ether was $3829.56 with an RSI value of 44.99. Hopefully, this year the ether price will rise above the $5000 level.

MACD: The daily MACD is bearish, while the histogram has been making higher lows, the first step of a potential bullish divergence from the wedge. If ETH breaks above the wedge, it may resume its uptrend.

If Ethereum continues to trade at or above the level of $4000 and breaks above a triple top—which, based on point-figure analysis, is key resistance—the ETH/USD pair will likely enter bullish territory on all time frames. Binance Free $100 (Exclusive) : Use this link to register and receive $100 free and 10% off fees on Binance Futures first month.

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