Ethereum eyes $3.5K as ETH price reclaims pandemic-era support with 40% rebound By Cointelegraph


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Ethereum’s native token Ether (ETH) looks poised to hit $3,500 in the coming sessions as it reclaimed a historically strong support level on Feb. 5.

ETH price rising above its 50-week exponential moving average (50-week EMA; the red wave in the chart below) means the price also inched above $3,000, a psychological support level that may serve as the ground for Ether’s next leg up.

weekly price chart. Source: TradingView
ETH/USD weekly price chart. Source: TradingView
ETH/USD versus weekly price chart. Source: TradingView
U.S. nonfarm payroll data. Source: Bureau of Labor Statistics, Bloomberg
Crypto investment vehicles performance in Jan. 2022. Source: CryptoCompare, FT
ETH/USD weekly price chart featuring Fib retracement levels. Source: TradingView