Ethereum priceWhile Russia managed to recover after the last falls on February 24, Russian President Vladimir Putin launched military operations to Ukraine. Despite the optimism in the market, some indicators show that ETH is not yet out of control.
Ethereum (ETH) The price dropped below the ascending wedge on the 12-hour chart on February 18 and dropped 28% on the radar to $2,055. ETH price fell to $2,301 on February 24 and managed to recover by 13% after the news that US President Joe Biden would impose new sanctions on Russia.
However, the Arms Index (TRIN), which measures overall investor sentiment, revealed that there are still more sellers than buyers in the market.
The first level of support for buyers is at $2,615 at the 61.8% Fibonacci retracement level, then at $2,398 at the 78.6% Fibonacci retracement level.
Ethereum price could decline towards the January 22 low of $2,300 before finally reaching the January 24 low of $2,160.
An additional spike in sell orders could push Ethereum price towards the pessimistic target of $2,055. However, if an increase in buying pressure occurs, Ethereum price could target the next 21 twelve-hour Simple Moving Average (SMA) at $2,773.
If buyers continue to enter the market, Ethereum price will target the next $2,851 at the intersection of the 50 twelve-hour SMA, the 100 twelve-hour SMA, and the 38.2% Fibonacci retracement level.
An increase in bullish sentiment, on the other hand, could encourage buyers to reach the 23.6% Fibonacci retracement level from the $3,015 high before hitting the resistance line given by the “Momentum Reversal Indicator (MRI)” at $3,139.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.