The price of Ethereum today, Sunday, February 25, 2018, reports a slight increase of 1%, although this has not saved the price of being dragged below $ 860.
Key points of the analysis
- The price of ETH declined recently and moved below the support level of $ 860 against the US dollar.
- There is an expanding triangle that is formed with resistance at $ 870 on the 4-hour ETH / USD chart.
- The pair may continue to decline as long as it is below the resistance level of $ 870.
- The price of Ethereum is struggling to move higher against the US dollar and Bitcoin. ETH / USD could extend the current decline and could even break $ 800.
Analyzing the price of Ethereum
There was a big downward movement in the ETH price from well above $ 1,000 against the US dollar. The price decreased and moved below the $ 950 and $ 900 levels. It was traded below the 23.6% retracement level of the last wave, from the low of $ 553 to $ 970 high. In addition, there was also a break below the support of $ 860 and the simple moving average of 100 (4 hours). He tested the support level of $ 770 and is currently correcting higher.
There was a test of the Fibonacci retracement level at 50% of the last wave, from the low of $ 553 to the high of $ 970. However, the price is struggling to recover above the $ 870 level and the simple average of 100. There is also an expanding triangle that is formed with resistance at $ 870 on the 4-hour ETH / USD chart. The pair may continue to decline in the short term as long as it is below the $ 870 level. On the downside, once there is a break below the support of $ 760, there may be further declines in the short term.
It seems that the price can be consolidated in the short term around the level of $ 800 before making the next move. The risk is to the downside unless the pair manages to break the $ 870 resistance. A break above $ 870 could push the price above the $ 920 level.
Important technical indicators
- MACD of 4 hours: the MACD is slowly reducing its bearish slope.
- RSI of 4 hours: the RSI moves more towards level 50.
- Main support level: $ 760
- Highest resistance level – $ 870