Financial markets are volatile due to global and macroeconomic worries, such as rising inflation rates in the United States or the possibility of Russia invading Ukraine.
Many analysts were surprised to see that the mood in cryptocurrency markets changed on February 15, after Bitcoin (BTC), which climbed to $44,500, and Ether (ETH), which regained support at $3,000.
Cointelegraph Markets Pro and TradingView data show that Ether prices rose 11.4% after rebounding from a low of $2826 on February 15, and then climbed to a high of $3148.
ETH/USDT 4-hour chart. Source: TradingView
Here are some comments from traders on Ether’s recent price action and what to watch out for in the coming weeks.
Ether is located in a zone of heavy resistance
Independent market analyst Michael van de Poppe tweeted about the stiff resistance faced by Ether. He posted the following chart, which shows the major support zones and resistance zones for the top altcoin.
ETH/USDT 1-week chart. Source: Twitter
van de Poppe said,
“Ethereum was rejected at the weekly order block, heavy resistance zone and ended up in a red candle for this week. Given the uncertainty that is expected for the next week, I don’t expect this to break and expect lower tests.
Bulls could profit from the inverse head-and-shoulders pattern
The following chart, which shows one possible direction for Ether’s price, was posted by Phoneix, a crypto trader and pseudonymous Twitter User.
ETH/USDT 4-hour chart. Source: Twitter
“We’re going play Ether that way, right?”
Similar: Bitcoin rises to $44.5K amid a new warning about ‘exceptionally high stocks’ correlation
Bitcoin and Ether share similar daily charts
Glen Goodman, trader and author of The Crypto Trader, provided a final insight into the long-term price structure of Ether. Goodman provided the following charts that compare the formation of an inverted head and shoulders formation on both the Ether and BTC charts. He noted that the “head and shoulders patterns” are close to completion.
BTC/USDT vs. ETH/USD 1-day chart. Source: Twitter
“A few concerns – the patterns look a little sloping, irregular ….. and there’s also the matter of Ukraine. Chart patterns can be ruined by wars.”
The total cryptocurrency market is now worth $1.978 trillion, and Bitcoin’s dominance rate of 42.2%.
com. You should do your research before making any investment or trading decision.