22nd February 2022 | ZebPay Trade-Desk

ETH is down 15% week on week, and last lost some traction over the past 24 hours, down 6%. ETH dominance is at 18.4%, and market capitalization is currently at $308bn.  The coin chart showed five consecutive red days, which plunged the coin price to below $2600, which was also the key support.

At the time of writing, ETH is trading at $2,530

ETH was showing good signs of recovery and was taking support at the key level of $2,900 and the 20 Day Moving Average. However, the bears took the lead once these supports were broken and the asset witnessed a sharp correction forming ‘Lower Top Lower Bottom’ pattern’ and made a low of $2,518. ETH has strong support at $2,400 and we expect some relief rally from these levels whereas a break below $2,400 can lead to the further downfall and the prices can test the previous low of $2,160.

Support 2Support 1AssetResistance 1Resistance 2$2,150$2,400ETH$2,900$3,300

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