Ethereum Struggles Below $2,700 High, Ready For Upward Momentum

Feb 25, 2022 at 11:57 // Price
Coin Idol
The Ether price corrected upwards, but the uptrend got stuck

Ethereum price (ETH) is in the lower area of the chart after the price fell to the low of $2,306. The Ether price corrected upwards, but the uptrend got stuck at the high of $2,740.

Ethereum price long-term analysis: bearish

Today, the Ether price is consolidating above the $2,500 support, showing indecisive candlesticks with small bodies. The candlesticks always indicate that buyers and sellers have reached a phase of indecision. At this point, the cryptocurrency will be forced to move sideways. 

ETH/USD is trading at $2,613.80 at the time of writing. On the upside, if the buyers break the resistance at $2,700, they will try to push the price above the moving averages. If the bulls are successful, ETH /USD will come out of the downward correction. The largest altcoin will rise and reach the previous highs of $3,200 and $3,400. On the other hand, if the bullish scenario is invalidated, the bears may break below the $2,300 support. Ether will continue to fall to a low of $2,160.

Analysis of Ethereum indicators  

Ether has fallen to the 40 level of the Relative Strength Index for the 14 period. The cryptocurrency is in a downtrend and below the midline 50. Ether is above the 68% range of the daily stochastic. This indicates that it is in a bullish momentum and approaching the overbought zone. Ether could decline if the price reaches the overbought region.


Technical Indicators: 

Key resistance levels - $4,500 and $5,000

Key support levels - $3,500 and $3,000

What is the next direction for Ethereum? 

Ether has recovered from the recent downtrend. The largest altcoin has resumed its upward movement after falling to the low of $2,306. The upward correction broke out above the 21-day line SMA, but was rejected at the 50-line SMA. Meanwhile, on February 22, the downtrend; a retreating candlestick tested the 78.6% Fibonacci retracement level. The retracement suggests that ETH will fall but reverse at the 1,272 Fibonacci extension level or $2,296.81.


Disclaimer. This analysis and forecast are the personal opinions of the author are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their research before investing funds.

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