ETH/USD Slumps From $2945 Resistance

Ethereum Price Prediction – February 18

The Ethereum price prediction moves below the key support of $2800, and it may continue to move down towards $2600 support.

ETH/USD Market

Key Levels:

Resistance levels: $3500, $3700, $3900

Support levels: $2500, $2300, $2100

As the market opens today, after touching the high of $2945 level, ETH/USD is now dropping with a bearish bias. The Ethereum (ETH) begins trading at $2894 and currently hovering below the 9-day and 21-day moving averages. However, the Ethereum price did start a nasty decline a few days ago and broke many supports below $2900. Meanwhile, the Ethereum price could correct higher, but it is likely to face sellers towards the lower boundary of the channel.

Ethereum Price Prediction: More Falls May Come to Focus

On the downside, there may be a close below the $2700 level as the Ethereum price could slide below the 9-day moving average with a quick rebound from the daily low of $2863. Dropping further could open the doors for more losses, and the price may tumble below the $2600 level. More so, should it spike below this barrier, the critical support levels of $2500, $2300, and $2100 may come into focus as the technical indicator Relative Strength Index (14) remains below 50-level.

In addition, as the daily chart reveals, the Ethereum price could either recover above $3000 or extend its decline below $2600. On the upside, the next major resistance is above the 9-day. However, the price needs to climb above the upper boundary of the channel to hit $2500, $2700, and $2900 resistance levels for it to move back into a positive zone. If not, there is a risk of more downsides towards the channel.

Against Bitcoin, the daily chart shows that the Ethereum price is trading above the 9-day and 21-day moving averages around 0.071 BTC. As soon as the price crosses above the upper boundary of the channel, there is a possibility that additional benefits could be obtained in the long term and the next resistance key above 0.075 BTC is close. But, if the price begins to rise, it could break above 0.078 BTC and above in the nearest term.

Meanwhile, if the bears regroup again, the coin may hit the nearest support at 0.068 BTC before rolling to the critical support at 0.065 BTC and below. However, the Relative Strength Index (14) moves above 50-level to enhance the bullish movement.

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