Ethereum Price Forecast – February 23
The Ethereum price prediction can increase significantly if the price breaks above the moving averages.
Resistance Levels: $3,300, $3,500, $3,700
Support Levels: $2,000, $1,800, $1,600
ETHUSD – Daily Chart
ETH/USD is creating a new bullish move after hitting the daily low of $2,599 for breaks above $2,500 as the coin currently trades at $2,650, preparing to cross above the moving average. of 9 days. However, while the bears are trying to bring the price back below the daily high of $2756, the bulls may try to collect more on price drops.
Ethereum Price Forecast: Ethereum (ETH) Could Trigger A New Rally
Looking at the daily chart, Ethereum price can only increase the bullish move if the $2,500 support is held at all costs. Currently, the Relative Strength Index (14) technical indicator is likely to cross the 40 level, sending bullish signals to the market, which may encourage more buyers to enter the market.
Meanwhile, as the red line of the 9-day moving average falls below the green line of the 21-day moving average, Ethereum (ETH) may turn to the downside and the market price may reach support levels at $2,000 , $1,800 and $1,600, respectively. On the contrary, if the technical indicator decides to make a quick crossover above the moving averages, there could be a rapid bullish rise that could likely push the market to cross above the upper boundary of the channel to reach the $3,300, $3,500 resistance levels. and $3,700, respectively.
Again Bitcoin, the price of Ethereum is still hovering below the 9-day and 21-day moving averages as the coin prepares to cross above the 9-day and 21-day moving averages. Meanwhile, the Relative Strength Index (14) technical indicator is seen moving towards the 50 level. However, because the market remains bearish, the currency is likely to move sideways before deciding the next direction.
ETHBTC – Daily Chart
Furthermore, the daily chart reveals that the potential resistance level is located at 7600 SAT and above, but any bearish movement can likely cancel the bullish pattern and attract new sellers to enter the market with the next focus on the support level at 6300 SAT and below.
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