Technical Analysis for ETHUSD for 16th February 2022
Ethereum Jumps 35% in Three Weeks, Bulls Target $3.5k
Past Performance of ETH
Technically, ETH buyers are in the driving seat in the short-term, trading within a bullish breakout pattern. The Ethereum price is bottoming up at spot rates, candlestick arrangement in the daily chart reveals. As ETH bulls double down, adding to their longs and fanning demand, the odds of prices clearing immediate resistance levels at $3.3k and $3.5k remain high.
Ethereum Technical Analysis
ETHUSDT price formation suggests strength in the immediate term. As per the ETH price candlestick formation, ETH is trading within a bullish breakout pattern defined in early February 2022. The wide-ranging bullish breakout bar is with high trading volumes pointing to participation. Considering the inability of bears to force prices below the 20-day moving average and reverse gains of February 4, traders may find entries on dips above $2.7k. Confirmation of February 15 gains could be the building blocks for another leg up above February 2022 highs to $3.5k in the medium term, continuing the late January 2022 trend.
What to Expect of ETH
Ethereum prices are propped by solid fundamentals. There are plans to scale the network and tame the high Gas fees ahead of sharding. At the same time, the increasing adoption of DeFi and NFTs bode well for ETH bulls, driving prices higher.
Resistance level to watch: $3.3k
Support level to watch: $2.7k
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