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ETH Price Prediction – February 16
Ethereum loses more than 3.5% in one day and goes below $260 level. The next target support for ETH/USD may come at $220.
ETH/USD Market
Key Levels:
Resistance levels: $305, $310, $315
Support levels: $215, $210, $205
At the moment, the price of ETH/USD is dancing at $255 following a 3.7% loss on the day. The whole market is mainly in the red, with most cryptos having succumbed to downward pressure. Bitcoin (BTC), for example, is inching closer to $9,600 support after failing to hold above $10,500. There is a possibility of retracement towards $10,200 will occur before the largest crypto gathers the strength to zoom towards the coveted $12,000.
Meanwhile, Ethereum’s immediate upside is limited by the 9-day moving average currently at $249. Marginally above this the pivotal level at $250 will continue to give the buyers sleepless nights. However, a break above the resistance could most likely give ETH/USD a boost above $270 before reaching the important resistance at $305, $310 and $315 levels.
On the downside, The RSI (14) has a bearish feel after retreating from highs around 60. The first support lies at $230 this is after $245 failed to hold in the session after opening today. If this level is also cleared, Ethereum could revisit $220 support. Besides, the recent $217 (Feb 11) low is still within the reach as long as Ethereum remains under $220. More so, the critical support levels to keep eye on are $215, $210 and $205 which are below the 21-day moving average.
Against Bitcoin, we can see that Ethereum is clearly bearish. As the price falls, sellers are posing an additional threat for buyers to reach the support level of 0.0255 BTC where the nearest target is located. However, an eventual break below the 9-day moving average may cause Ethereum to collapse.
Meanwhile, the continuation of the downtrend could hit the main support at 0.0230 BTC before falling to 0.0220 BTC and below. More so, the buyers may likely push the market to the potential resistance at 0.0210 BTC and above if a rebound plays out. The RSI (14) is about to move out of the overbought zone, indicating that the sellers are coming to dominate.
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.
Read more:
- Litecoin Price Prediction: LTC/USD Faces Selling Pressure, Would That Continue?
- Bitcoin Price Prediction: BTC/USD Sets Another High; Price Moves Above $20,300
- Ethereum Gearing For Potential Long Squeeze As Optimism Builds
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