This website uses cookies to ensure you get the best experience on our website
CRYPTOALTUM IS EVOLVING! EXCITING CHANGES COMING SOON 

Technical Analysis for ETHUSD for 16th February 2022

Ethereum Jumps 35% in Three Weeks, Bulls Target $3.5k



The median transaction Gas fees in Ethereum is at a multi-month low, trackers reveal.


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


Disclaimer: Opinions expressed are not investment advice. Do your research.

For more interesting tips and facts visit our Education Centre.


Have Questions? 

We're available 24/7 to help you. You can email us, or send us a message on WhatsApp, Telegram or Messenger!

Risk Disclosure: Trading cryptocurrencies or any other financial instrument involves a significant level of risk and may result in a total loss of your investment. You should consider carefully whether investing in Bitcoin or any other instrument offered by CryptoAltum is appropriate to your financial situation. CryptoAltum only accepts deposits in Cryptocurrencies. By trading with CryptoAltum you acknowledge your understanding of this risk disclosure and your agreement with the Terms and Conditions.

This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.

CryptoAltum does not accept any clients under the age of 18. 
  • Copyright Amsa LLC (CryptoAltum) 2020