Ethereum price has been under intense pressure lately. After soaring to an all-time high of $2,041 on Feb. 19, ETH embarked on a steady decline till it reached lows of $1,356. This price drop of nearly 33.5% coincided with a widespread market correction. ETH/USD bulls however bought the dip on Feb. 23 and Ethereum began its journey to recovery. At the time of writing, Ethereum is exchanging hands at $1,633, marginally up by 0.05% in the last 24 hours and 12.60% down on a 7-day basis. ETH/USD is presently consolidating its rebound while aiming for a higher breakout. Ranking 2nd largest by market cap, Ethereum’s market valuation now stands at $188.15 billion with a trading volume of $25.17 billion in the past 24 hours. Ethereum usage is on the rise with the value of transactions settled on the network so far, jumping by 700% than that of Q1 2020. Messari Research puts the present value of transactions settled in Q1 2021 on the Ethereum network at $926 trillion worth.
*ETH embarked on a steady decline till it reached lows of $1,356
*Ethereum is exchanging hands at $1,633, marginally up by 0.05% in the last 24 hours and 12.60% down on a 7-day basis
*Messari Research puts the present value of transactions settled in Q1 2021 on the Ethereum network at $926 trillion worth
Key Levels
Resistance Levels: $2,041, $1,800, $1,660
Support Levels: $1,550, $1,350, $1,200
ETH/USD Daily Chart: Ranging
ETH/USD Daily Chart
Ethereum (ETH) fell beneath the MA 50 support at $1,500 on Feb. 22, however, the selling pressure was curtailed at $1,356 low coinciding with the ascending trendline support. The bulls managed to push ETH price to intraday highs of $1,714 on Feb. 24 before the bears defended this resistance. Support from the broader market would be needed for Ethereum to breakout of Tuesday’s high $1,714.
In this case, Ethereum may retest highs at $1,783 and then $2,041. On the contrary, the RSI slightly below the midline may suggest that the bears are trying to make a comeback. If the price turns down from current levels, the bears will once again try to pull and sustain the pair below the MA 50. If this happens, the ETH/USD pair may revisit support at $1,356 while a deeper correction may ensue to $1,000.
ETH/USD 4-Hour Chart: Ranging
ETH/USD 4-Hour Chart
Ethereum lost the 4 hour MA 50 support on Feb. 22 while it traded briefly under the MA 200 before rebounding. ETH/USD price continues to hover around its MA 200 while awaiting a clear breakout. The immediate resistance at $1,660 must first be surmounted by the bulls for ETH to trend higher. If they succeed, the ETH/USD pair may again try to rise past $1,714 to reach past $1,889 marks in a bid to conquer the MA 50 support turned resistance.
Conversely, If the price again turns down from the MA 200, the ETH/USD pair could drop to the ascending trendline support. This is important to keep an eye on as a breach beneath this support could intensify the selling and drag the price down to $1,000. The ETH/USD pair is only bullish while trading above $1,630, at the MA 200, key resistance is found at the $1,800 and $2,041 levels.
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