Ethereum Technical Analysis Report | 21st-February-2023

Buyers pushed Ether above the $1680 overhead resistance on Feb 17, thwarting the bear’s attempts to sink the price below the breakout level. The rising moving averages and the RSI in the positive territory indicate that the path of least resistance is up. Demand for ETH must not fall in the face of a deflationary supply rate for the price to rise. A possible bullish catalyst on the way for Ethereum is the next network upgrade called the Shanghai upgrade, scheduled for mid-March. Meanwhile, the total value locked in the Ethereum PoS contract continues to climb to new all-time highs, with the latest data showing deposits of nearly 16.63 million ETH. The global volume of the asset has fallen by around 3% with a marginal rise in price.

At the time of writing, ETH was trading at $1,700.4

Ethereum Chart | 21st February 2023
Ethereum (ETH) Chart

ETH gave a breakout above the range ($1,050 to $1,250) and witnessed a sharp rally. The prices surged almost by 39% and made a high of $1,741. Post this move, the asset has started consolidating in a narrow range from $1,650 to $1,725 and is facing strong resistance at its 200 Week Moving average and the horizontal trendline of $1,750. Hence, to further rally it needs to break, close and sustain above the key resistance of $1,750. Once it does that then we may expect the prices to go up to the $2k level. ETH has a strong support zone at  $1,500 to $1,450.

Key Levels:

  Support 2Support 1AssetResistance 1Resistance 2

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