Ethereum Analysis of February 25: Rebounds Well, Drops Limited?

According to the Ethereum analysis of February 25; Ethereum found strong support near the $2,300 zone. ETH price is rising and it could continue to rise if it surpasses the $2,750 resistance zone, according to technical analysis by NewsBTC’s Aayush Jindal.

Ethereum Starts A New Rise

After starting a decline well below the $2,600 and $2,500 support levels, Ethereum pulled back to around $2,302 and started a strong rise from there. There was a clear move above the $2,500 resistance level. ETH even climbed above the $2,600 level and the 100 hourly simple moving average. It even climbed above the $2,700 level but there was no break above the $2,750 resistance.

A local top was formed around $2,733 and the price is now consolidating gains. ETH corrected below the 23.6% Fib retracement level of the recent rise from the $2,302 high to $2,733 high, but it remains trading above the $2,500 level and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $2,520 on the hourly chart of ETH/USD. The first major resistance is seen near the $2,680 and $2,700 levels.

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Ethereum analysis of February 25
Ethereum analysis of February 25

In the Ethereum analysis of February 25, according to the analyst; The main resistance is currently forming near the $2,750 level. A clear move above $2,750 could start a decent uptrend. In the stated case, the price could even rally to the $2,920 level.

Will Ethereum Fall Again?

Jindal says that if Ethereum fails to rise above the $2,750 resistance, it could start a downside correction. An initial support on the downside is near the $2,600 level. The next major support is near the $2,500 level and the trend line. This is close to the 50% Fib retracement level of the recent rise from the $2,302 low to $2,733 low. A downside break below the $2,500 support could push the price towards the $2,400 support level.

What Are Technical Indicators Saying?

  • Hourly MACD – The MACD for ETH/USD is now losing momentum in the bullish zone.
  • Hourly RSI – The RSI for ETH/USD is still above the 50 level.
  • Major Support Level – $2,500
  • Main Resistance Level – $2,750

Note: You have come to the end of the Ethereum analysis of February 25. The information, comments and evaluations contained herein are NOT within the scope of Investment Advisory. Keep following SinceCoin.

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