ETH Price Prediction – February 10
ETH/USD moves below the key supports as the market price may continue to move down towards $1500.
ETH/USD Market
Key Levels:
Resistance levels: $2100, $2200, $2300
Support levels: $1500, $1400, $1300
As the market opens today, after touching the high of $1839 level, ETH/USD has been dropping with a bearish bias. The coin opens at $1771 and it is currently dropping below the $1750 level. However, Ethereum price did start a nasty decline and broke many supports near $1600. The price could correct higher, but it is likely to face sellers below the 9-day moving average.
What to Expect from Ethereum (ETH)
On the downside, there is a close below the $1600 level as the coin moves towards the 9-day and 21-day moving averages. As a matter of fact, dropping below the 9-day moving average could open the doors for more losses and the price may tumble below the $1550 level. More so, should it spike below the lower boundary of the channel, the critical support levels of $1500, $1400, and $1300 may be tested as the technical indicator RSI (14) moves below the 70-level.
However, ETH/USD could either recover above $1750 or extend its decline. On the upside, the next major resistance is near the $1800 level. Meanwhile, the price needs to climb above the $2100, $2200, and $2300 resistance levels to move back into a positive zone. If not, there is a risk of more downsides below the channel.
When compares with Bitcoin, the daily chart shows that Ethereum price is trading well within the channel. Meanwhile, as soon as the price goes above the moving averages, there is a possibility that additional benefits will be obtained in the long term. The next resistance key above 4200 SAT but if the price keeps rising; it could even break the 4400 SAT and above in future sessions.
Moreover, if the bears regroup now, the 3500 SAT and 3300 SAT may play out before rolling to a critical supports at 3100 SAT and this may create a new monthly low for the coin. However, the daily outlook is upward movement as the RSI (14) is moving above the 45-level to enhance the bullish movement.
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