Bitcoin and Ether Market Update February 4, 2021

ETH/USD

The Ethereum Project token ETH concluded the month of January with the stunning 78.5 percent of price increase. It was also one of the best performing major altcoins for the period considered by many as severely undervalued. Still, the coin was rejected at the daily resistance level of $1,375 on January 31 and erased 4.6 percent, closing the day at $1,314. The ETH/USD pair maintained its course in the uptrend channel and continued with the formation of the ascending triangle pattern.

On Monday, February 1, the leading altcoin once again hit $1,375 after rebounding from the 26-day EMA on the daily chart.

The move was followed by a solid upside impulse on Tuesday when the ether skyrocketed all the way up to $1,514, or 10 percent higher, also breaking out of the already-mentioned triangle pattern. The coin also registered a new all-time high.

On the third day of the workweek, it continued to climb breaking above the uptrend channel and the $1,600 level, stopping at $1,670.

As of the time of writing, ETH is trading lower – at $1,628.

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