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The Ethereum price edged up almost 2% in the last 24 hours to trade at $1,872 as of 11:38 p.m. EST on trading volume that plunged 17% to $22 billion.
This uptick in the ETH price comes after the US Securities and Exchange Commission (SEC) postponed ruling on whether or not to permit Cboe BZX Exchange to list options tied to asset manager Fidelity’s Ether exchange-traded fund (ETF).
💥BREAKING:
SEC DELAYS OPTIONS ON FIDELITY SPOT $ETH ETF pic.twitter.com/JlsMuoU1WC
— Crypto Rover (@rovercrc) February 28, 2025
Bearish Ethereum Price Trend Continues Amid Downward Channel
The ETH price is trading within a clearly defined descending channel, with lower highs and lower lows confirming a bearish structure.
The Ethereum price is facing continuous resistance near the upper boundary of this channel, and each rejection reinforces the downtrend.
Key support is forming around the $1,723 level, while the upper boundary of the channel provides resistance around $2,000-$2,100, according to GeckoTerminal data.
A break below the current support could push the price of Ethereum toward the next psychological level of $1,700 or lower. Conversely, a breakout above the channel could shift momentum towards recovery.
Additionally, the price of ETH is trading below both the 50 and 200 Simple Moving Averages (SMAs) on the 4-hour chart, further confirming that Ethereum is in a strong downtrend with no immediate signs of reversal.
The Relative Strength Index (RSI) is at 38.36, which indicates that the Ethereum price is in bearish territory but not yet oversold (which occurs below 30).
This suggests that while selling pressure is dominant, there could still be room for further downside before a reversal or relief rally.
ETH Price Prediction
Given the current technical indicators, the Ethereum price remains in a strong downtrend, with the potential to test lower support levels.
If the price of Ethereum breaks below $1,800, there could be a drop towards $1,700 or even $1,650 as selling pressure continues.
However, if the ETH price breaks above the descending channel ($2,000) and surpasses the 50 SMA at $2,082, it could regain bullish momentum, targeting $2,200-$2,400 in the short term.
In the meantime, investors are flocking to buy Best Wallet (BEST), which popular YouTuber ClayBro, with over 136K subscribers, says has the potential to soar 10X after launch.
Best Wallet Presale Nears $11 Million – Best Crypto To Buy?
The Best Wallet presale is nearing the $11 million mark, with total funds raised now at approximately $10.99 million.
Lauded for its functionality and suitability for today’s market landscape, the non-custodial wallet recently reached over 500,000 total users, with more than 250,000 monthly active users.
A major driver of this growth is Best Wallet’s advanced capabilities, including smoother and cheaper transaction processing compared to rivals like MetaMask and Trust Wallet.
Best Wallet’s efficiency gains are achieved through integrations with over 200 decentralized protocols and 20 cross-chain bridges.
Among the many features offered, its “Upcoming Tokens” section is attracting the most attention. This feature helps users discover promising projects that are still in the early stages.
The project’s success in identifying promising projects is clear. It’s already identified early tokens including Pepe Unchained (PEPU) and Catslap (SLAP), meme coins that have delivered huge gains for early investors.
Currently, BEST tokens are priced at $0.024325. Investors can also stake BEST tokens for a huge 143% annual return.
Those interested in joining the project’s presale should buy BEST before a price hike in just over 35 hours.
Learn more about BEST on its official website.
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