According to the Ethereum Analysis of February 22; Ethereum also continued to decline and settled below the $2,700 support. ETH is struggling but it could dip below the $2,500 support, according to technical analysis by NewsBTC’s Aayush Jindal.
Ethereum Turns Red
Ethereum failed to recover towards the $2,750 resistance zone and settled below both this level and the 100 hourly simple moving average. As a result, it continued to decline below the $2,650 support. The decline gained momentum and even hit $2,550. A bottom was formed near $2,511 and the price is now consolidating losses. An immediate resistance is near the $2,560 level. The 23.6% Fib retracement level of the drop from the $2,752 low to $2,511 low is also near the $2,560 level. The next major resistance is near the $2,650 level.
Besides, the 50% Fib retracement level of the drop from the $2,752 high to $2,511 low is also near the $2,560 level. The main resistance is now forming near the $2,720 level and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $2,700 on the hourly chart of ETH/USD.
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$2,720 Level Is Important
The analyst says that a clear move above $2,720 could set a good start to the upside. In the stated case, the price could rally higher to the $2,880 resistance zone or even $3,000.
Will Ethereum Drop More?
In the Ethereum analysis of February 22, according to Jindal; He says that if Ethereum fails to start a recovery wave above the $2,650 level, it could start another decline. An initial support on the downside is near the $2,510 level or recent low.
The next major support is formed near the $2,500 level. A downside break below $2,500 could trigger another major drop. The next major support is near the $2,420 level. More losses may require a move towards $2,350 in the near term.
What Are Technical Indicators Saying?
- Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
- Hourly RSI – The RSI for ETH/USD is now below the 50 level.
- Major Support Level – $2,500
- Main Resistance Level – $2,650
Note: You have come to the end of the Ethereum analysis of February 22. The information, comments and evaluations contained herein are NOT within the scope of Investment Advisory. Keep following SinceCoin.