BTC, ETH and PAXG Price Analysis for February 5, 2024

Photo - BTC, ETH and PAXG Price Analysis for February 5, 2024
The cryptocurrency market had a tranquil weekend, with Bitcoin (BTC) and other cryptocurrencies not experiencing significant volatility. Here’s an analysis of the market situation for Bitcoin (BTC), Ethereum (ETH), and Pax Gold (PAXG) as of Monday, February 5.

Bitcoin (BTC)

No significant changes have been observed on the BTC chart since our last analysis. The asset is currently trading between the buyer's zone of $40,880–$41,800 and the resistance zone of $43,050–$44,000, with neither side showing readiness to escalate actions to determine the future direction.

For the upward trend to resume, BTC needs to breach the zone of $44,900–$46,200. Such a move could pave the way for reaching new local highs above the $49,000 mark.

Should the BTC chart undergo a deeper correction, the asset might fall into the buyer's zone of $38,600–$39,500. Securing below this range would suggest a shift towards a stable downtrend, with a potential drop to the $38,000 level.
BTC chart on the H3 timeframe

BTC chart on the H3 timeframe

Ethereum (ETH)

The Ethereum chart has seen no major changes over the past week. The coin's price is still trapped in a sideways range between the support level of $2,234 and the resistance of $2,238. ETH's future movements will largely depend on BTC's chart developments.

Should the buyers manage to assert their strength, the ETH price might secure above its current position and aim for the $2,465 mark. This scenario could open the way to test the resistance zone of $2,581–$2,646, where securing above could signal the end of the local bear trend and the start of a move to set new highs.

In a bearish scenario, ETH could revisit the buyer's zones of $2,166–$2,208 and $2,096. The extent of any further correction will be influenced by BTC’s performance. 
ETH chart on the H4 timeframe

ETH chart on the H4 timeframe

Pax Gold (PAXG)

Last week, the price of gold fluctuated within the range of $1,953–$1,982 (lower boundary) and $2,043–$2,081 (upper boundary). Yesterday, the asset tested the lower buyer's zone but quickly rebounded to levels above $2,000, indicating a temporary advantage for buyers.

A continuation of the sideways trend appears to be the most likely outcome. To break upwards, buyers need to consolidate above the $2,070 level, which could lead to a new annual high at the $2,100 mark.

As previously analyzed, any decrease in the asset's price should be seen as a buying opportunity on the spot market, with the support levels of $1,900–$1,933 and $1,868 being particularly appealing for such transactions.
PAXG chart on the D1 timeframe

PAXG chart on the D1 timeframe

This week’s economic news sector will feature: 

  • The services PMI (Monday, February 5);
  • US crude oil inventories (Wednesday, February 7);
  • The count of initial jobless claims (Thursday, February 8). 

Although these events might not dramatically influence cryptocurrency prices, they could momentarily heighten volatility.

Check out GN Crypto for the latest cryptocurrency rates and chart analysis.


Please note that the analysis provided above should not be considered a trading recommendation. Before opening any deals, we strongly advise conducting your own research and analysis.


TF (Timeframe) — a chronological period equal to the time it takes to form one Japanese candle on the chart.

Horizontal channel (flat, sideways, range) — the price movement between support and resistance levels, without going beyond the given range.

К — simplified designation of one thousand dollars of the asset price (for example, 23.4K – $23,400).

Gray range on the chart — a support zone.

Red range on the chart — a resistance zone.

Correlation — the tendency of prices of different cryptocurrencies to move in sync, often influenced by the dominance of one of the assets.

Initial materials

This analysis was informed by the following educational materials and articles from GN Crypto: