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Although Ethereum’s Price Has Recovered, ETH Believes That The Price Will Continue To Fall

When Vladimir Putin invaded Ukraine on February 24, the price of Ethereum surged. Despite the current market attitude, there is a lot of evidence that ETH is still in trouble.

At the moment, support levels for Ethereum are being tested

An immediate 28 percent drop in ETH’s price to $2,055 is now possible after its 12-hour chart broke below the rising wedge. After US Vice President Joe Biden announced further sanctions against Russia, Ethereum’s price fell to a swing low of $2,301 on February 24. There are still more sellers than buyers, according to the Arms Index (TRIN), which measures general investor mood.

ETH

The 61.8 percent Fibonacci retracement level at $2,615, followed by the 78.6 percent Fibonacci retracement level at $2,398 will serve as the first line of defense for buyers. Eventually, the price of Ethereum may fall to $2,160, which would be the lowest point since January 22, when it fell to a low of $2,300.

An increase in the number of sell orders might send Ethereum’s price down to the $2,055 objective. It is possible, though, that the price of Ethereum might rise to as high as $2,773 if demand for the cryptocurrency continues to grow.

There is a good chance that Ethereum will reach $2,851 in the near future if buyers continue to flood the market. This is where the 50-hour SMA, 100-hour SMA, and the 38.2 percent Fibonacci retracement level cross. The 23.6 percent Fibonacci retracement level at $3,015 may encourage buyers to reach the Momentum Reversal Indicator (MRI) resistance line at $3,139 before attempting to breakthrough.

Highlights

  • Although Ethereum’s price has recovered somewhat, a bearish target remains on the horizon.
  • Technical analysis reveals that the market is dominated by sellers.
  • It’s possible that even if purchasers enter the market, Ethereum will still run into several problems.

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