- Ethereum Course (ETH): $2,730 (previous week: $2,729)
- Resistances/Goals: $2733, $2993, $3155, $3250, $3361, 3408, $3577, $3752, $3898, $4043, $4158, $4339, $4547, $4719, $4864, $55073, $6014, $81627, $81627
- Support: $2,659, $2,571, $2,305, $2,161, $2,044, $1,930, $1,725/$1,713, $1,545, $1,425
- Ethereum needs to recover $2,954 to start an initial breakout.
- The chart image only brightens more clearly again above $3,273.
- $2,305 continues to be seen as a key initial support level.
At the beginning of the week, the price of ether was initially able to rise briefly in the wake of Bitcoins (BTC) to the psychologically important mark of $3,000. However, the stabilization above the 38 Fibonacci retracement of $2,993 failed. In recent trading days, the entire crypto market has been swept south again by a new wave of sell-offs in global stock indices. The temporary decoupling of classical financial markets, as seen on February 28, appears to have been only temporary in nature so far.
On-chain data shows that Russian citizens are not, as suspected, sustainably investing in cryptocurrencies to counter the massive inflation of the Russian ruble. Today, Friday, March 4, the ongoing sell-off in the Nasdaq Technology Index is once again pushing the cryptocurrency sector, and with it Ethereum (ETH), below the all-important $2,733 price level. But it is imperative that the buying side defends the $2,305 support level to prevent an expansion of the correction move. On the upside, the bulls only get a more durable clear above the all-time high of $3,273.
Bullish variant (Ethereum):
As in the last two weeks of negotiation, the sustained release failed again. Ethereum failed the 38 Fibonacci retracement several times and is currently threatening to break out of the support at $2,659. With this, the price of ether is trading below the important EMA20 (red) and EMA50 (orange) moving average lines again. To avoid another sell-off, Ether price must first stabilize above $2,578 and then rise back above $2,733.
If this chart level is recaptured, the area around this week’s price high of $2,993 will once again be in the spotlight. The EMA50 can also be found here. If $2,993 breaks out sustainably without further setbacks, the lower edge of the red resistance zone will once again be in the spotlight of investors. If Ethereum then dynamically jumps above $3,155 and thus above the supertrend, a retest of $3,255 is likely.
Outbreak could take shape
In addition to the high of February 10, 2022, the Fibonacci retracement 50 and the EMA200 (blue) can also be found in this zone. Once again, it should be difficult for the bulls to immediately break out of this strong resistance on the first try. If the bulls can build up enough buying power and then form a new all-time high, a post rally to the turquoise resistance zone should be planned. The MA200 (green) and the “golden pocket” in the form of 65 Fibonacci retracements are executing in the $3,577 area.
In order to break out of this resistance zone, Bitcoin (BTC) must also re-establish itself above $46,000 in the long term. If this area can recover in the coming weeks, the next price target will trigger at $3,752. This price mark acts as the first relevant resistance on the way to $3,898. Here, the bears will hold again to save their chance for another corrective move.
On the other hand, if the bull camp succeeds in pulverizing this technical chart hurdle, it will trigger the price targets at $4,043 and $4,158. This massive resistance area should be seen as the first overall target area for the time ahead. A subsequent rise to $4,339 is only conceivable if Ethereum can break through this zone sustainably as well. If Bitcoin also breaks the key resistance at $52,000 and rises towards $57,000, Ethereum is likely to target $4,547.
If the old all-time high is subsequently broken without serious price hiccups, the final target range between $4,719 and the all-time high of $4,864 will once again be in the spotlight. The buying power of the bulls is currently limited, so a break above the existing all-time high is not expected at the moment.
Bearish variant (Ethereum)
After a brief respite, the bears have taken the helm again in the last trading days. From the currently insurmountable resistance of $2,993, the price of ether fell 12 percentage points in the last three trading days. This means that Ethereum is trading again at the first significant support at $2,659.
If the bears also manage to break this mark, the horizontal support at $2,578 will come into focus as a target. If this mark is also not held and Ethereum falls below this price level again, there is another directional decision in the yellow support zone. If the bears can generate enough selling pressure and sustainably sell Ether below the key support at $2,305, the chart picture will cloud further.
The chart image will certainly continue to cloud
Then the Jan 24, 2022 low at $2,161 acts as the last emergency nail for the buy side. If the selling pressure does not subside at this mark on the chart either, an extension of the correction to the green support zone is conceivable. Ethereum should pull back to at least $2,044, but $1,930 is more likely. If the daily closing price also drops below $1,930, the $1,795 and $1,713 price targets are triggered.
The bulls should be there to prevent a drop below the summer 2021 low. Otherwise, the probability of a correction to $1,545 would increase sharply. Even a retest of the support at $1,425 can no longer be completely ruled out. The bearish high price objectives for the next few months remain unchanged at $1,359 and $1,223. From the current perspective on the ether chart, there is no more potential to sell.
The RSI indicator is currently threatening to break out of the neutral zone between 45 and 55 down again. This would trigger a new sell signal. Although the MACD currently has a slight buy signal, it is likely to go back into sell mode if the price continues to be weak. On the weekly chart, the bearish picture remains unchanged. As in previous weeks, the RSI is trading below the neutral zone and therefore has a sell signal this week as well.
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