#Ethereum (ETH) Price Analysis for February 2
The cryptocurrency market keeps trading in the green area, according to the CoinMarketCap ranking.
Ethereum (ETH) is outperforming Bitcoin (BTC), rocketing by 4.87%.
Despite the rise, the price has fixed below the hourly support at $1,661, which means that sellers might have locally seized the initiative. If the situation does not change by the end of the day, the correction may continue to the $1,640 mark.
On the daily time frame, the rate has made a false breakout of the resistance at $1,680. At the moment, traders should pay close attention to the $1,661 mark.
If closure happens above it, the further midterm rise can continue. Such a scenario is relevant until mid-February.
From the midterm point of view, Ethereum (ETH) has once again bounced back to the $1,600 mark, which means that bulls are ready for continued growth. In this regard, there is a possibility of seeing the test of the $1,700 mark in the upcoming week.
Ethereum is trading at $1,664 at press time.