Ethereum Price Prediction – February 21
The Ethereum price prediction may lose ground towards $2500, but the recovery above $2600 could help to mitigate the initial pressure.
ETH/USD Market
Key Levels:
Resistance levels: $3300, $3500, $3700
Support levels: $2000, $1800, $1600
At the time of writing, ETH/USD displays just enough power to defend the support at $2582. All the attempts made towards recovery to prevent the coin from falling below $3500 may bow to the selling activity under the 9-day and 21-day moving averages. Now, the Ethereum price is hovering at $2631 after with a gain of 0.35% on the day. In the short term, bearish momentum is very likely especially if the bulls fail to hold the price above $2600 and the nearest support at $2500 is broken.
Ethereum Price Prediction: What could be the Next Move for ETH?
The Ethereum price would need to rise and break above the 9-day and 21-day moving averages, but if the sellers push lower, traders can expect very strong support at $2400; this could then be followed up with support at $2200. If the bears push further below this support, then additional supports may be located at $2000, $1800, and $1600.
On the other hand, if the buyers regroup and rebound from the current market value at $2631.56, the first level of resistance lies at $2800. This could then be followed by the resistance levels of $3300, $3500, and $3700 while the Relative Strength Index (14) is at the 40-level to indicate indecision within the market.
When compared with Bitcoin, the Ethereum price keeps trading as the moves sideways within the market. ETH/BTC is currently trading at 6942 SAT, and the bulls could push the price to the north. However, if the price drop towards the lower boundary of the channel, the next support may come at 6300 SAT and below.
In other words, a possible bullish movement could push the market to cross above the 9-day and 21-day moving averages, and a break above this may enable the Ethereum price to reach the resistance level of 7600 SAT and above as the Relative Strength Index (14) is moving above 40-level to create additional bullish signals.
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