Ethereum Analysis of February 23: Ready For A Strong Recovery, What Are The Key Levels?

According to the Ethereum analysis of February 23; Ethereum attempted a recovery wave from the $2,500 support. According to technical analysis by NewsBTC’s Aayush Jindal, it needs to surpass $2,700 and $2,750 to start a strong recovery wave.

Ethereum Facing Resistance

After testing the $2,500 zone, Ethereum formed a bottom above this zone and started an upside correction. There was a move above the $2,580 and $2,600 resistance levels. It even climbed above the 50% Fib retracement level of the $2,750 low to $2,503 low. However, it is still trading below $2,700 and the 100 hourly simple moving average.

An immediate resistance is near the $2,660 level. This is close to the 61.8% Fib retracement level of the $2,750 low to $2,503 low. The main resistance is currently forming near the $2,700 level and the 100 hourly simple moving average. There is also a major bearish trend line forming with resistance near $2,690 on the hourly chart of ETH/USD. A clear move above $2,700 could start a decent increase.

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Ethereum analysis of February 23
Ethereum analysis of February 23

The next major resistance could be $2,750, where the price could gain bullish momentum. In the stated case, the price could rise towards the $2,880 resistance zone.

Will Ethereum Drop?

In the Ethereum analysis of February 23, according to Jindal; He says that if Ethereum fails to start a recovery wave above the $2,700 level, it could start another decline. An initial support on the downside is near the $2,600 level. The next major support is near the $2,585 level. A downside break below the $2,585 support could push the price towards the $2,500 support level. If losses increase, the bears may target a move towards the $2,420 level in the near term.

What Are Technical Indicators Saying?

  • Hourly MACD – The MACD for ETH/USD is slowly gaining momentum in the bullish zone.
  • Hourly RSI – The RSI for ETH/USD is now above the 50 level.
  • Major Support Level – $2,585
  • Main Resistance Level – $2,750

Note: You have come to the end of the Ethereum analysis of February 23. The information, comments and evaluations contained herein are NOT within the scope of Investment Advisory. Keep following SinceCoin.

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