Ethereum Nose Dive Below $1,700 Event Level – Will Decline Further?


Ethereum bears have regained momentum after rejecting $2,040 to $2,000 key resistance level. Ethereum nose dive below $1,700 psychological event level. Will ETH decline further downward in the coming days? What are the charts and technical indicators are saying? Read more to find further insights into today’s ETH/USD Technical Analysis. 

February 26, 2021, | AtoZ Markets – Ethereum price fall today morning during the Asian session against the U.S. Dollar. In the course of recent days, Ethereum has seen a drop in worth, as it declined by 23.12%. The volume of the Ethereum exchanged in the 24 hours to the momentum of writing was $24.23B or 17.04% of the complete volume of all cryptocurrencies. It has exchanged between a range of $1,350 to $2,040 in the previous seven days. Ethereum is currently trading around $1,460 area and trying to push downside. After bouncing from $1,350 to $1,430 support area, the bulls pushed the price upside quite impulsively, but failed to break over $1,680 to $1,700 event area and decline again. As per the current price action, the price may face strong support again around $1,350 to $1,430 area in the coming days.

Ethereum Nose Dive as the Price Requires a Downward Retracement

Ethereum is currently residing near $1,460 area and trying to decline further. However, the price is still residing over the Kumo Cloud on the daily chart.

Ethereum Nose Dive

Image: Ethereum 4 Hour Chart

According to the 4-hour chart, Ethereum nose dive and currently trading around $1,460 area. As per the current price action, if the price pushes further down towards $1,430 to $1,350 support area and bounced upward with an impulsive bullish candle, the price may recover higher towards $1,680 to $1,700 area as a first target. The second target will be $2,000 to $2,040 key area if the price can break above $1,680 to $1,700 area in the coming days.

Furthermore, the dynamic level of 20 EMA is currently residing above the price. It has already worked as strong resistance to push the price down. So, the bulls may regain momentum if the price can break over the dynamic level in the process. Besides, the Stochastic Oscillator lines are currently residing below the oversold level 20 and may have a bullish crossover. It indicates that the bulls may regain momentum in the coming days.

ETH May Sustain the Bullish Trend

According to the daily chart, Ethereun nose dive, but the overall bias is still bullish. As per the current price action context, if the price bounces higher from $1,350 to $1,430 support level with an impulsive bullish candle, the bulls may regain momentum and sustain the bullish trend towards $2,000 to $2,040 key area again in the process. On the contrary, if the price breaks below $1,430 to $1,350 support area with an impulsive bearish candle, the bears may continue the bearish pressure towards $1,000 to $900 price area in the days ahead.

Ethereum Nose Dive

Image: Ethereum Daily Chart

In addition, the dynamic level of 20 EMA is currently residing above the price. Along with the Kijun line and the Tenkan line. So, the dynamic level may act as strong resistance to push the price downside. Besides, the Kijun line and the Tenkan line may work as a confluence of the dynamic level in the process.

To conclude, as long as the price residing over the up-trend line, the bias will remain bullish. An impulsive daily close is needed to identify the definite momentum in the days ahead.

 

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