• Ethereum (ETH) experienced a strong rally in January but has since slowed down in February.
• The 20-day EMA and RSI indicate mixed results, raising the question of whether ETH will experience a rally or decline.
• If the bulls can drive the price above $1,680, ETH could rally to $1,800; if not, it may drop to $1,500 or even further to $1,352.
Ethereum’s Price Movement in February
Ethereum (ETH) had an impressive January rally but has since cooled off at the start of February. Technical indicators have shown mixed results which raises questions about Ethereum’s future performance.
Technical Indicators for ETH
At present, Ethereum is trading close to its resistance level of $1,680. The upward slope of the 20-day exponential moving average (EMA) favors buyers but there is negative divergence on the relative strength index (RSI). For bulls to maintain control and push prices higher they must break above this resistance level.
Possible Outcomes for Ethereum Price
If bulls successfully break past this resistance level then Ethereum could rise to $1800 or possibly even reach $2000 if support holds at $1680. On the other hand, if prices drop below the 20-day EMA then they could fall as low as $1500 or even further down to around $1352 depending on how much support is found at 50-simple moving average (SMA).
Four Hour Chart Analysis
The four hour chart shows that bears have pushed prices below the 20-EMA which suggests a potential retreat for bulls in the short term. There is limited support at 50 SMA so if this fails ETH could continue dropping in price.
Overall there are uncertain outcomes for Ethereum’s price movement over February with technical indicators showing mixed signals and bears pushing prices lower on shorter time frames such as 4 hour charts. Bulls need to break past resistances at around$1680 for any chance of a possible rally while bears need to keep breaking supports for any significant drops in price