Technical Analysis for ETHUSD for 22nd February 2022
Ethereum Meltdown, will ETH Hold above $2.5k?
Past Performance of ETH
ETHUSDT prices are trending lower as per the motion set by the February 20 bear candlestick. Technical candlestick arrangement is bearish following the breach below the $3k support level.
Ethereum Technical Analysis
After relieving gains from the tail-end of January and throughout the first half of February, sellers are back in contention, pushing prices back to bear territory. ETHUSDT prices are trending lower in sync with the formation of the February 20 bear candlestick despite fundamental tailwinds that may offer support for buyers in the medium term. Even so, at this pace, a close below $2.5k would confirm the selling pressure of February 20, further pushing ETH towards $2.3k, presenting unloading opportunities for sellers.
What to Expect of ETH
From a top down preview, BTC prices are bottoming up, and the path of least resistance in the short-term is northwards provided prices are above $40k. Fundamental factors like bullish outlooks from global banks and increasing adoption could provide the necessary momentum for a leg up above $46.5k, unwinding losses of February 18.
Resistance level to watch: $2.75k
Support level to watch: $2.5k
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