Ethereum Is in a Sideways Move, May Revisit the $2,800 Support

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Ethereum consolidates above $2,900
ETH/USD is in a range bound move


Ethereum ETH) Current Statistics
The current price: $2,887.56
Market Capitalization: $345,252,566,957
Trading Volume: $9,208,614,822
Major supply zones: $4,000, $4,500, $5,000
Major demand zones: $3,500, $3,000, $2,500

Ethereum (ETH) Price Analysis February13, 2022
Ethereum’s (ETH) price is in an uptrend as it may revisit the $2,800 Support. The uptrend was resisted at the high of $3,288. The altcoin declined below the 50-day line moving average. Ether price is now trading above the 21-day line moving averages but below the 50-day line moving average. This indicates that the largest altcoin is likely to be range-bound between the moving averages. The crypto will trend when the moving average lines are breached. Presently, Ether is consolidating above the $2,900 support for a possible upward move. On the upside, if the price rebounds above the $2,900 support, the bulls will break the resistance at $3,200. However, Ether will face another resistance at $3,400 high.

Ethereum Is in a Sideways Move, May Revisit the $2,800 Support
ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ether has fallen to level 48 of the Relative Strength Index for period 14. ETH/USD is now in the downtrend zone and capable of falling to the downside. The crypto’s price is still in between the moving averages indicating a possible fluctuation of prices. Ether is below the 80% range of the daily stochastic. The altcoin is in a bearish momentum.

Conclusion
Following the price slump on February 11, ETH/USD fell to the low of $2,860 as it may revisit the $2,800 Support. The selling pressure has subsided as the altcoin consolidates above the current support. The cryptocurrency is fluctuating in a tight range between $2,860 and $2,980 price levels. The price action is characterized by small body candlesticks called Doji.

Ethereum Is in a Sideways Move, May Revisit the $2,800 Support
ETH/USD – 4 Hour Chart

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.