Ethereum Price Prediction – February 27
The Ethereum price prediction reveals that ETH approaches a crucial support level which could take the coin to the downside.
ETH/USD Market
Key Levels:
Resistance levels: $3300, $3500, $3700
Support levels: $2000, $1800, $1600
ETH/USD is currently trading down by 6.12% at its current price of $2610, which marks a notable decline from its daily high of $2836.26 set today when the coin faces the positive side. Meanwhile, in the past, ETH/USD has been able to find some support in the lower $2300 level, as this could be the second time of visiting.
Ethereum Price Prediction: ETH May Face Critical Resistance
After touching the daily high of $2836 during the European session today, the Ethereum price is now facing the downside as the coin slides below the 9-day moving average. Therefore, many traders were expecting the coin to resume uptrends, but the 9-day moving average has not been able to cross above the 21-day moving average. Now, the Ethereum price is currently hovering around the support level of $2610 heading to the downside.
However, any further bearish drop towards the lower boundary of the channel may roll the market down to the support levels of $2000, $1800, and $1600 while a possible bullish surge may drive the market above the 21-day MA to hit the potential resistance levels at $3300, $3500, and $3700. Meanwhile, the Relative Strength Index (14) is likely to cross below 40-level, and staying there may cause the coin to create a new low.
Against Bitcoin, the Ethereum price is moving sideways as the bears may drag the market to the south. As it is, ETH/BTC is currently trading at 6958 SAT as the bulls couldn’t push the price above the upper boundary of the channel. However, if the market moves toward the lower boundary of the channel, the support may be located around 6400 SAT and below.
However, on the upside, any bullish movement above the upper boundary of the channel may hit the resistance level of 7700 SAT and above. Similarly, the Relative Strength Index (14) is likely to cross below 45-level, suggesting that the market may resume back into the negative side.
Looking to buy or trade Ethereum (ETH) now? Invest at eToro!
68% of retail investor accounts lose money when trading CFDs with this provider
