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Ethereum Price Prediction: ETH/USD Sees a 5.73% Price Fall as It Drops Toward $245 Level

ETH Price Prediction – February 25

The Ethereum price faces a fresh round of selling as the price remains at a risk of more downsides if it breaks the $245 support zone.

ETH/USD Market

Key Levels:

Resistance levels: $298, $300, $302

Support levels: $218, $216, $214

ETHUSD – Daily Chart

For quite some time now, ETH/USD had been stuck around the trading price area of $266 and $287, after falling from $290 and then $287 price levels. A couple of days ago, ETH/USD price was around its usual resistance level at $261.87, from where it rose to the following at $275.10. Towards the day-end, ETH mounted as high as $278.40 just to start plunging yesterday and today.

However, ETH/USD is currently trading below the 9-day and 21-day moving averages at $250.11 as at the time of writing, having trying to recover from the intraday low of $244.24. The second-largest crypto, with a current market value of $27.46 billion, has lost 5.73% of its value since the beginning of today and has remained virtually below the moving averages.

Similarly, the Ethereum price continues to follow the downtrend but still within the channel and any attempt to break below the channel, the bears may see the critical support at $218, $216 and $214 levels. In other words, if the bulls push the price above the moving averages and maintain the upward movement within the channel, the buyers may likely find resistance at $298, $300 and $302.

Meanwhile, the RSI (14) has changed from moving in the same direction to move below 55-level, which indicates that the bears are in control for now.

Comparing with Bitcoin, the market price remained in the ascending channel but the coin is moving in sideways. ETH/BTC is currently trading at the level of 0.0267 BTC and the bulls couldn’t push the price above the 9-day moving average. Looking at the chart, if the market begins to drop, the next key supports may likely be at 0.0230 BTC and below.

ETHBTC – Daily Chart

However, on the upside, a possible bullish movement may likely push the market above the moving averages, when this is done, the resistance level of 0.0300 BTC and above may be visited. The RSI (14) is recovering from the overbought zone and this is to indicate that the market may begin to fall.

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.