Ethereum Set to Rally? Analyzing the Possibilities for ETH Price in February

• Ethereum (ETH) has experienced a slow start to February after its January rally.
• Technical indicators display mixed results and the ETH price could rally to $1,800 or decline to $1,500.
• If the bulls can drive the price above $1,680, there is a possibility of further upward momentum towards $2,000; otherwise, the price may drop below $1,500.

Overview of Ethereum’s Performance in February

Ethereum (ETH) has experienced a slow start to February after its January rally. Vertical rallies – rapid price increases accompanied by high trading volume – are not typically sustainable, so slowing down after a pump is generally seen as a positive sign for the market. Currently, ETH is trading close to the resistance level of $1,680 which could lead to an upward rally or downward decline in its price depending on how it performs against this level.

Analysis of Ethereum Chart

The 20-day exponential moving average (EMA), currently at $1,586 at the time of writing favors buyers. However, relative strength index (RSI) indicates that bulls may be losing grip on ETH as negative divergence appears on the indicator. For bulls to maintain control over ETH’s performance they need to drive its price above $1,680.

Potential Outcomes for Ethereum Price

If bulls manage to push it above this level then ETH could reach up to a potential resistance point of $1,800 and if it holds out above newly acquired support point at $1,680 then there is chance for further upwards momentum towards reaching even higher than that – possibly hitting $2,000 mark. On other hand if bears manage overcome 20-day EMA then there is possibility that ETH’s price will tumble down below critical support point at 1$500 and might even go as low as 1$352 if current support fails as well.

Four Hour Chart Analysis

On four hour chart bears have pushed prices below 20-EMA which may signal potential retreat for bulls and indicate limited support from 50-simple moving average (SMA).

Dieser Beitrag wurde am 7. Februar 2023 veröffentlicht, in Allgemein. Setze ein Lesezeichen mit dem Permanentlink.