Ethereum Price Prediction – February 18
Ethereum price prediction declined below the critical support level of $2,800 and it could continue to decline towards the $2,600 support level.
ETH/USD Market
Important Levels:
Resistance Levels: $3,500, $3,700, $3,900
Support Levels: $2,500, $2,300, $2,100
ETHUSD - Daily Chart
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ETH/USD has seen a downward trend after hitting a high of $2,945 after the market opened today. Ethereum (ETH) started trading at $2,894 and is currently hovering below the 9-day and 21-day moving averages. However, the ETH price started a vicious decline a few days ago and broke through multiple support levels below $2,900. Meanwhile, the ETH price may correct but it is likely to meet sellers and fall to the lower boundary of the channel.
Ethereum Price Prediction: Further declines possible
On the downside, Ethereum price could close below $2,700 as it could slide below the 9-day moving average after a quick rebound from the daily low of $2,863. Further declines could open up more losing opportunities and the price could fall below the $2,600 mark. Moreover, if the price breaks this resistance, the key support levels of $2,500, $2,300, and $2,100 could become the focus as the technical indicator Relative Strength Index (14) remains below the 50 level.
Moreover, according to the daily chart, Ethereum price could either recover above $3,000 or fall below $2,600. On the upside, the next important resistance is above the 9th. However, the price needs to break the upper boundary of the channel and reach the $2,500, $2,700, and $2,900 resistance levels to move back into the positive zone. Otherwise, there is a risk of a further decline into the channel.
Compared to Bitcoin, the daily chart shows that Ethereum price is trading above the 9-day and 21-day moving averages around 0.071 BTC. Once the price breaks through the upper boundary of the channel, it is possible to gain more benefits in the long term and approach the next key resistance level above 0.075 BTC. However, if the price starts to rise, it may break through 0.078 BTC and above in the nearest time frame.
Meanwhile, if the bears gather again, the coin could pullback to the nearest support at 0.068 BTC and then roll to the critical support at 0.065 BTC and below. However, the relative strength index (14) rose above the 50 level to boost the bull case.
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