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ETH/USD Fails to Hold $1500 Support Level; Price Struggles to Revive

InsideBitcoins.com


ETH Price Prediction – February 28

Ethereum (ETH) is approaching a crucial support level but the coin must hold the $1250 support to climb towards $1600.

ETH/USD Market

Key Levels:

Resistance levels: $1700, $1800, $1900

Support levels: $1100, $1000, $900

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ETHUSD – Daily Chart

ETH/USD is trading down 5.17% at its current price of $1385, which marks a notable decline from its opening price of $1460 that was set today. In the near-term, ETH/USD has been able to find some support in the lower $1292 level, as it has bounced multiple times after visiting this level.

What is the Next Direction for Ethereum?

Ethereum has been bitten by the bears since February 22 as the 9-day MA crosses below the 21-day MA. ETH/USD may be experiencing a price drop as many traders were expecting a lot from the coin. The price is currently moving under the moving averages which are yet to break out to the upside but may soon break below the lower boundary of the channel.

However, a bearish drop may likely roll the market down to the support level of $1100, $1000, and $900 while a possible bullish surge may drive the market above the moving averages, while the resistance levels are found at $1700, $1800, and $1900. More so, the technical indicator RSI (14) is moving below 40-level, and staying there could cause the coin to remain below the $1400 support level.

Against Bitcoin, we can see that Ethereum is clearly bearish. As the price falls, sellers are posing an additional threat for buyers to reach the support level of 3000 SAT where the nearest target is located. However, an eventual break below the lower boundary of the channel may cause more havoc to collapse Ethereum.

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ETHBTC – Daily Chart

In addition, the continuation of the downtrend could hit the main support at 2800 SAT before falling to 2500 SAT and below. Nevertheless, if there is a crossover of 9-day MA above the 21-day MA, buyers could push the coin to the potential resistance at 3800 SAT and above. Meanwhile, the RSI (14) keeps moving below 35-level, indicating that the sellers are dominating the market.



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