Ethereum (ETH) price extends losses for the third day in a row. ETH is in free fall on Friday as the price fails to hold the psychological level of $3,000. Now it will be interesting to see if the price can keep the session low, which is also a weekly support level.
Ethereum (ETH) price is trading with significant losses on Friday. ETH continues to be under pressure below the 50-day EMA at $2,969. Expect a further lower target at $2,300 if the price finally closes below the weekly trendline.
Ethereum price is facing multiple rejections near the 50-day Exponential Moving Average (EMA). Recently, Ethereum again found selling pressure on March 1 around the highs of $3,040.75. In the past four sessions, the asset lost 12%.
Source: Trade View
The daily Relative Strength Index (RSI) is standing at 45 with a bearish bias. If the indicator now falls below the average line, the price will continue to fall. Another momentum indicator, the Moving Average Convergence Divergence (MACD), is floating below the centerline with a negative bias.
In addition, the trading volume decreases with price. On Balance Volume (OBV) indicator shows that investors are not convinced of the strength of the altcoin.
In summary, a daily close below $2,600 will hit a low of $2,300 in February.
On the weekly chart, the rising trendline acts as a support for the bulls. A sell order spike would explore further lower levels towards the January 24 lows at USD 2,159.
Source: Trade View
On the other hand, a shift in bearish sentiment will invalidate said bullish arguments. The first upward target is set at Thursday’s high at $2,972.07. Subsequently, market participants will continue to move to mark the $3,200.
At the time of writing, ETH/USD is trading at $2,689.54, down 5.08% for the day. The second largest cryptocurrency by market cap has 24-hour trading volume at $13,762,406,457 with 8% gain according to CoinMarketCap.
The content presented may contain the author’s personal opinion and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
About the author
This post Ethereum Price Prediction: ETH Looks To Revisit February Lows At $2,300; Sell or hold?
was published first on https://coingape.com/markets/ethereum-eth-price-prediction-eth-looks-to-revisit-february-lows-at-2300/