08.02.202111:07 Forex Analysis & Reviews: Ethereum: Focus on February 4 Highs

The price of ETH/USD failed to gain a foothold above the local resistance of 1697.27 from February 4. All attempts to break this level turned out to be false. At the same time, the price has confirmed the strength of the local level 1566.37 (100% Fibonacci Extension) for the second time as support.

After a rebound from the support 1566.37, the target for growth remains the resistance level 1697.27. It is too late to open purchases, but the next moment is interesting: how the price will behave relative to local resistance. A rebound is possible here, with attempts to break out and consolidate higher.

If the quotes bounce down from 1697.27, it will be possible to consider the possibility of selling with a target at the border of 100% of the Fibonacci Extension. If it is possible to break through the highs of February 4 (1697.27) and the price of ETH/USD can gain a foothold above this level, confirming it with a rebound, there will be a prospect of growth to 161.8% Fibonacci Extension. However, it will be necessary to wait until Friday's highs are updated.

There is also a danger of false breakouts of the resistance level 1697.27, so if you want to buy ETH/USD above this level, it is important not to rush and wait for a clear consolidation above it.

It is also worth remembering that Ethereum futures are expected to launch this week, which could also affect the pair's dynamics, triggering a downward correction.