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Ethereum (ETH) Price Analysis for February 22

Price Predictions
Mon, 02/22/2021 - 15:31
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Denys Serhiichuk
Can Ethereum (ETH) withstand the fall of Bitcoin (BTC)?
Ethereum (ETH) Price Analysis for February 22
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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The market has entered the correction phase as almost all coins from the top 10 list are in the red zone. XRP is the only exception to the rule, rising by 6.82%.

Top 10 coins by CoinMarketCap
Top 10 coins by CoinMarketCap

The capitalization index has also dropped and is now $1.6 trillion.

Cryptocurrency market capitalization
Cryptocurrency market capitalization

The relevant data for Ethereum is looking the following way:

  • Name: Ethereum

  • Ticker: ETH

  • Market Cap: $202,898,375,754

  • Price: $1,683.17

  • Volume (24h): $28,373,625,574

  • Change (24h): -13.68%

The data is relevant at press time.

ETH/USD: Can bulls hold the $1,700 mark?

Last weekend, the Ether price was unable to continue its growth. On Saturday, the bearish momentum tested the support of $1,800, but by the end of the week, the pair managed to gain a foothold above the average price level.

ETH/USD chart by TradingView
ETH/USD chart by TradingView

At the beginning of the week, sellers are trying to push the pair back below the 2-hour moving average EMA55. There was a surge in sales this morningnearly seven times the average trading volume.

Related
BTC, BNB, XRP, XLM and UNI Price Analysis for February 21

If the bears continue the onslaught, the price may again roll back to the support of $1,600.

ETH/USD chart by TradingView
ETH/USD chart by TradingView

On the 4H time frame, Ethereum (ETH) is likely to test the liquidity level around $1,800 soon as the coin has made a false breakout of the MA 200.

ETH/USD chart by TradingView
ETH/USD chart by TradingView

In the long-term view, bulls may close the daily candle below $1,800. If that occurs, there are many chances of seeing the chief altcoin trading at $1,350 within the next few days.

Ethereum is trading at $1,756 at press time.

 
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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.