Ethereum Consolidates Above $2,800 Support And Risks Further Decline

Ethereum's (ETH) upward movement was halted at the high of $3,288. The largest altcoin has declined and found support above the 21-day moving average line but below the 50-day moving average line. This means that the Ether price will fluctuate between the moving averages.

Ethereum price long-term analysis: bullish

On February 14, 2022, the Ether price retraced to the support at $2,863 or above the 21-day moving average. If the Ether price rises back above the support at $2,863, the bulls could break through the resistance at $3,200. However, the altcoin faces another hurdle at the high of $3,400. ETH /USD will exit the downward correction once the hurdle at $3,400 is cleared. The altcoin will rally to a high at $3,800. On the other hand, if Ether loses the support at $2,800, the altcoin will fall back to the price level of $2,600.

Analysis of Ethereum indicators  

ETH/USD has fallen to the level 45 of the Relative Strength Index for the period 14. The market is in the downtrend zone and can fall downwards. The price of Ether is between the moving averages, which forces the altcoin to fluctuate. Ether is below the 50% area of the daily stochastic. The altcoin is in a bearish momentum.

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? 

Ethereum is in a downward movement. According to the price indicator, Ether could fall further below $2,863. Meanwhile, a downtrend started on February 11; a retracement candlestick tested the 61.8% Fibonacci retracement level. The retracement suggests that ETH will fall to the 1.618 Fibonacci extension level or the $2,843.93 level.

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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