Ethereum (ETH) – Exhibiting a positive tone above the channel
Posted on Tuesday, February 15 2022 at 8:45 pm GMT+0000
Ethereum (ETH) managed to return above the descending channel stretched from the December 1st high, after bouncing off the 20-day SMA and the 38.2% Fibonacci retracement of the 2160-3290 positive thrust.
The price has been trapped between the 20-day and the 50-day SMA for more than a week, challenging at the moment the latter currently seen around 3,080. Technically, the RSI is improving above the 50 neutral threshold and the MACD oscillator is holding above its trigger and zero lines, both suggesting an increase in positive impetus.
Should Ethereum strengthen its positive price action and achieve a clear victory against the 50-day SMA and the adjacent February 10th high at 3,290, it will likely jump to the January 4th high at 3,890. Successfully breaking above this resistance could then boost buyers’ confidence to move towards the December 23rd peak at 4,160, reaching the target of the descending channel.
Otherwise, if the 3,080 obstacle stands firm and presses the price beneath the nearby 2,870 – 2,860 support belt, sellers will push towards the 61.8% Fibonacci level at 2,590. Yet, if the drop persists, the January 24th bottom at 2,160, will jump under the radar.
To summarize, Ethereum is exhibiting a positive tone above the channel, but in order to underpin buyers’ confidence, the price would need to surpass the 3,290 high.
