Ethereum Price Prediction: ETH/USD Currently Features a Heavy Downward Price Correction

Ethereum Price Prediction – February 28
There has been a sharp correctional move in the market valuation of ETH/USD as price reverses from a high resistance point around $2,000 level to now trade at a reduced point closer to the $1,300 mark.

ETH/USD Market
Key Levels:
Resistance levels: $1,700, $1,900, $2,100
Support levels: $1,200, $1,000, $800

ETH/USD – Daily Chart
Aside from the 50-day SMA trend-line which remains unbroken southward yet; the 14-day SMA indicator has been successfully breached to the south. Meanwhile, the bigger SMA indicator is now at a critical level of affirming the $1,200 level as immediate strong support in the ETH/USD market operations. The Stochastic Oscillators have deeply moved into the oversold region to suggest that a change of price direction is bound to take place soon. And, that could be in the formation of having a range-moving outlook in the next trading days’ sessions.

Will ETH/USD price gets declined further below $1,300?
In the last couple of transacting days’ sessions, the ETH/USD bulls have steadily lost momentum to a falling pressure after encountering a resistance a bit over the $2,000 level. However, an expectation has been piling up that the bulls should be bracing up in their capacity to regain the market-strength around the $1,300 or in an extension of the $1,200 mark.

Now talking about a further reduced value below $1,300, the ETH/USD bears may find it difficult to break southward with sustainability. In the other words, price may push below that said point for a test of finding support for a recovery move afterward. However, a forceful downward break of the immediate support level will potentially allow price to see a low of around $800 in the long run.

ETH/BTC Price Analysis
Putting the valuation of ETH and BTC side by side, it is now observed that the base-crypto has been prevailed over by the counter-crypto. Yet, indicators have it that the falling force placed on the worth of ETH as traded against the BTC has not completely exhausted. Meanwhile, the pressure is fast approaching the normal base-line, wherewith time there will be the most likely for a change in the trend to take place. In addition to that, the base-crypto expectantly will have to take over the momentum.

Remember, all trading carries risk. Past performance is no guarantee of future results.

Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.