Ethereum Makes Positive Moves to $2,880 but Is Unable to Break Recent High

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Ethereum upward move is facing rejection at $2,850
ETH/USD risks decline to $2,500 support


Ethereum ETH) Current Statistics
The current price: $2,714.88
Market Capitalization: $325,102,827,716
Trading Volume: $11,383,391,182
Major supply zones: $4,000, $4,500, $5,000
Major demand zones: $3,500, $3,000, $2,500

Ethereum (ETH) Price Analysis February 27, 2022
Ethereum’s (ETH) price is in a downward correction but is unable to break recent high. Buyers are attempting to break above the moving averages. Yesterday, the bulls fail to break above the moving averages. Ether is retracing after the recent rejection. The largest altcoin may retrace and find support above $2,500. However, the selling pressure may resume if the bears break below $2,500 support.

Ethereum Makes Positive Moves to $2,880 High but Is Unable to Break Recent High
ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ether is at level 44 of the Relative Strength Index for period 14. The largest altcoin is in a downtrend zone and below the centerline 50. In the downtrend zone, the altcoin is capable of a further downward move. Ether’s price bars are below the moving averages which makes it prone to decline. The upward move will resume if price breaks above the moving averages. Ether is below the 80% range of the daily stochastic. The market has resumed bearish momentum.

Conclusion
On the 4-hour chart, the altcoin is in an upward move but is unable to break recent high. The altcoin has resumed selling pressure after the recent rejection. Meanwhile, on February 26 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. the retracement indicates that Ether will fall to level 2.0 Fibonacci extension or $2,579.05.

Ethereum Makes Positive Moves to $2,880 High but Is Unable to Break Recent High
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.