Ethereum Price Forecast – February 24

The Ethereum price forecast is gearing up to trade above the $2800 resistance level as the market moves sideways.

ETH/USD Market

Key Levels:

Resistance Levels: $3,300, $3,500, $3,700

Support Levels: $1,800, $1,600, $1,400

ETHUSD – Daily Chart

ETH/USD is currently ranging around $2,639 and is likely to rally above the $2,800 resistance level soon. Ethereum has been trading higher for the past few hours and now the coin is struggling to break through both the 9-day and 21-day moving averages. According to the daily chart, the price of Ethereum is gearing up for the upside as the red line of the 9-day moving average may cross above the green line of the 21-day moving average.

Ethereum Price Forecast: Ethereum (ETH) Ready for the upside?

If Ethereum price breaks and remains above the 9-day and 21-day moving averages; can reach the $3,000 resistance. However, a successful break above this level could open the door for a significant rise above the $3200 level. In the aforementioned case, the coin is likely to hit the potential resistance levels of $3,300, $3,500 and $3,700 in upcoming sessions.

Furthermore, as the Relative Strength Index (14) technical indicator moves to cross above the 40 level, the closest support is located below the $2,400 level. If there is a bearish break below this support, ETH/USD could test another support en route to the lower boundary of the channel. The next major support is near the $2,000 level where bulls are likely to take a strong position, but any further losses could push the price towards the $1,800, $1,600, and $1,400 support levels.

When compared to Bitcoin, the price of Ethereum is moving lower as the coin is trading around 6863 SAT. Therefore, as long as the price stays below the 9-day and 21-day moving averages, there is a possibility that additional supports will be created in the longer term. However, the next support level below the current price is near the 6500 SAT. More so, if the price continues to fall, it could hit the critical support at 6300 SAT and below.

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ETHBTC – Daily Chart

On the contrary, if the bulls turn back, the resistance level of 7300 SAT could be exhausted before rising to the potential resistance level of 7500 and above. However, the daily outlook still looks bearish as the Relative Strength Index (14) technical indicator may cross below the 40 level, which suggests a downward move for the market.

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