Ethereum Price Forecast – February 21
The Ethereum price forecast may lose ground to $2,500, but the rally above $2,600 could help mitigate the initial pressure.
Resistance Levels: $3,300, $3,500, $3,700
Support Levels: $2,000, $1,800, $1,600
ETHUSD – Daily Chart
At the time of writing, ETH/USD displays enough energy to defend support at $2,582. All attempts made for the rally to prevent the coin from dropping below $3500 may bow to selling activity under the 9-day and 21-day moving averages. Now, Ethereum price is hovering at $2,631 after a 0.35% gain on the day. In the short term, bearish momentum is very likely, especially if the bulls fail to hold the price above $2,600 and the closest support at $2,500 is broken.
Ethereum Price Forecast: What could be the next step for ETH?
Ethereum price would need to rally and break above the 9-day and 21-day moving averages, but if sellers turn down, traders can expect very strong support at $2,400; this could be followed with support at $2200. If the bears push further below this support, additional supports could be located at $2,000, $1,800 and $1,600.
On the other hand, if the buyers regroup and rebound from the current market cap at $2,631.56, the first resistance level will be at $2,800. This could be followed by the $3,300, $3,500 and $3,700 resistance levels while the Relative Strength Index (14) is at the 40 level to indicate indecision in the market.
When compared to Bitcoin, the price of Ethereum continues to trade as it moves sideways in the market. ETH/BTC is currently trading at 6942 SAT, and the bulls may push the price north. However, if the price turns down towards the lower boundary of the channel, the next support could reach 6300 SAT and below.
ETHBTC – Daily Chart
In other words, a possible bullish move could cause the market to cross above the 9-day and 21-day moving averages, and a breakout above that could allow Ethereum price to reach the resistance level of 7600 SAT and above as Strength relative. The index (14) is moving above the 40 level to create additional bullish signals.
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