Technical Analysis for ETHUSD for 15th February 2023
Ethereum Expands; Will ETH Bulls Break Above $1.7k?
Past Performance of ETH
Ethereum Technical Analysis
ETH is in range. The upside is limited at $1.7k, a critical resistance level. Meanwhile, support is at $1.5k. Though prices increased on February 14, the short-term trend is bearish. Prices are inside the bearish engulfing bar of February 9. Besides, yesterday's pump is with relatively low trading volumes. Therefore, unless ETH breaks above $1.7k, the odds of the coin dropping below $1.5k remain higher. Conservative traders can wait for a break in either direction before committing. Any break below $1.5k may see ETH drop to as low as $1.35k.
What to Expect from ETH
The immediate trend remains bearish despite yesterday's expansion. Resistance is at February highs at $1.7k. Because last week's bear formation still defines prices, the possibility of sharp dumps cannot be discounted.
Resistance level to watch: $1.7k
Support level to watch: $1.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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