- The Ethereum price closed the previous day’s trade at $2579.89 with a market capitalization of $317.17 billion and a circulating supply of 119,709,824 ETH
- ETH price is attempting for a bounce yet the intensity is extremely low that may halt the downtrend for a while, yet the fear of a drastic plunge still hovers the rally
- The plunge if outpowers the consolidation then may drag the price much below $2000 which may weaken the rally drastically wherein the recovery period may be extended
Ethereum (ETH) Technical Analysis for Today: 24 February 2022
The Ethereum price had maintained a notable uptrend in the past couple of days which has been extracted massively since the early trading hours. After plunging by more than 15% the price is currently consolidating just below $2400. However, a constant attempt has been made to hit above $2500 levels at the earliest. This may induce some confidence in the traders who may jump on the moving train.
Moreover, the technicals also indicate some signs of a flip but the intensity of the filp may not be according to the required levels. The Ethereum price at the press time is $2375 with a drop of 12.58%. The trading volume has spiked by 46.5% dominated by sellers, while the market capitalization has dropped by 12.53% recording $284.4 billion.
Additional Read: NATO & Ukraine-Russia Crisis Impact on Crypto Investors
Ethereum(ETH) Technical Analysis at a Glance
Just a couple of days before, Ethereum had gained immense bullish momentum and ranged high to breach through the upper resistance levels. Yet very soon the asset flipped into a bearish well and slashed the price by more than 15%. Currently, the ETH price is attempting to rebound but due to the reduced intensity, the asset could manage only to halt the downtrend instead of igniting a rebound.
|Short-Term||The ETH price has smashed the lowest levels and attempting a flip, yet it may remain within consolidation for some more time before deciding the next plan of action|
|Mid-Term||A notable amount of selling volume has accumulated and hence the price may continue to trend at the lower levels|
|Long-Term||The asset is approaching the lower levels and may also test the crucial support zone very soon|
Technical Indicators & Pivot Levels
|Technical Indicators||Value(1Hr / 1D)||Action (1Hr / 1D)|
|Relative Strength Index(RSI)||25.3 / 32.47||Sell / Sell|
|MACD(12,26)||-75.21 / -112.48||Sell / Sell|
|Average Directional Index(ADX)||63.9 / 40.015||Sell / Sell|
|Bull-Bear Power||-155.14 / -534.08||Sell / Sell|
The Ethereum(ETH) price in the short term and the long term is pretty bearish and aims to discover newer lows. The RSI in both the time frames is depleting towards the south and may hit the oversold levels very soon. Yet the MACD showcases the accumulation of the selling volume leaving no room for the buying volume to build up. On the other hand, ADX which denotes the strength of the rally is pretty bearish at the press time in both STF & HTF. And hence a notable consolidation may be in place.
The ETH price at the press time is extremely distinct from the MA levels and the immediate resistance levels. However, the price is very close to the local support levels around $2210 and hence the possibilities of the asset reaching these levels appear to be extremely high. And if the price fails to rebound from these levels, may plunge lower to test the crucial support at $1772.96. Yet the probabilities of the asset reaching these levels may be possible only when the Bitcoin price plunges below $29,000 support levels.
Therefore, a minor flip may be expected as the price breaks the lower support and heads towards $2000. And even if the price plunges below the $2000 mark, it may only be short-lived as the price is primed to maintain the lower barrier at $2000. And hence the upper resistance may be tested only if the market trend changes to some extent.
|Average True Range(ATR)||52.62||190.2|
Stochastic oscillator which determines the average price of the asset within the stipulated time frame is bearish in both the time-frames. Meaning, the ETH prices are extremely below the average levels and may remain for quite a long time ahead. On the other hand, the Ultimate Oscillator, which considers 3 different MAs, 7, 14 & 28 to determine the next plan of action and also eliminates the fake divergences, is also completely bearish.
Yet the volatility indicator, ATR, denotes the asset being less volatile in both cases and hence no drastic change may be expected that may ignite a trend reversal. Yet CCI which is used to identify new trends or trend reversals is pretty bearish in both time frames.
Additional Read: Bitcoin vs Ethereum
ETH /USDT Technical-Analysis for Short-Term
- The Ethereum price from the past week is maintaining a notable downtrend within a descending parallel channel hitting the upper resistance and the lower support levels.
- The asset during the last working day was extremely bullish and could have sliced through the upper resistance of the channel to nullify the bear.
- Woefully, due to some external factors, the market flipped from the bullish trend and fell into a deep bearish sea
- No doubt the asset is attempting with a rebound, but the depleted volume may restrict the rebound under $2400 levels
- However, if the ETH price flips and surges above $2200 to $2400, then one can expect a notable uptrend shortly
ETH/USDT Technical-Analysis for Long-Term
- The long-term chart is slightly bearish as the asset appears to have been trending within an H & S pattern where-in the price is currently testing the neckline
- A minor flip has been witnessed at the neckline, yet a flip may not be confirmed as even if the price closes above the neckline, there are huge possibilities of opening the next day trade below the neckline
- However, the local supports are not at just a 10% distance and hence in case of a plunge, the price may hit the $1776 levels and ignite a massive rebound
- Also, it is to be noted that the trading volume is drowned to a large extent, and hence even if the selling volume accumulates, it may not be strong that it could be a tedious job for the buyers to ease it
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Additional Read: Deep Dive into How Ethereum works?
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