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Ethereum Price Prediction: ETH/USD Fails to Sustain Above $235 as Buying Dries Up

Ethereum (ETH) Price Prediction – February 29
By February 14, ETH/USD pair has risen to a high of $286 while in a bullish trend but the coin reached the overbought region. Similarly, ETH/BTC pair is also in an upward move as it reaches a high of Ƀ0.028000. The two pair retraced while in the overbought condition.

ETH/USD Market
Key Levels:
Resistance Levels: $200, $220, $240
Support Levels: $160, $140, $120

ETH/USD – Daily Chart

Ether was in an upward move between January and February 14 as it reaches the high of $286. At first, the bulls were resisted as it pulled back to $240 low. In the second retest, the bulls were repelled as the downward move resumes. Nevertheless, the bulls made two unsuccessful attempts at the overhead resistance. At the same time, a bearish double top was formed. A bearish double top is a reversal pattern that reverses an uptrend. ETH was resisted and the coin fell to the low of $216 and resumed consolidation.

Meanwhile, the price is fluctuating above the current support. The market is expected to have a breakout or breakdown after this consolidation. On the upside, a breakout at the current support will push ETH to rally above $260. Conversely, a breakdown will depreciate ETH to a low of $197.

ETH/BTC – Daily Chart

Ethereum is currently at level 45 of the daily Relative Strength Index period 14. This indicates that ETH is in the downtrend zone and it is likely to fall. Meanwhile, the pair is below 40% range of the daily stochastic. At the same time, the stochastic bands are making a U-turn. This indicates that the bearish momentum is turning to bullish momentum. ETH/BTC pair will soon be in bullish momentum.

 

Please note: Insidebitcoins.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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      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.