The Currency analytics
By Sakamoto Nashi
Ethereum can't hold $2,000. The second-largest cryptocurrency by market cap briefly poked above that psychological level on February 11 but quickly retreated, leaving traders…
After failing to keep gains above $2,120, Ethereum dropped hard and now trades under $2,050 and its 100-hour Simple Moving Average.
Ethereum found some support above $1,950 earlier and tried to bounce back. It managed to push past $1,980 and $2,020 levels before spiking briefly above $2,140.
Right now, Ethereum trades under $2,050. Immediate resistance sits near that level, but the contracting triangle pattern shows the first real resistance at $2,065.
But here's the thing - if Ethereum can't break $2,065, more declines are coming. Initial support sits around $2,000, which is basically where we are now.
Technical indicators don't look great either.
The hourly MACD is gaining bearish momentum while the RSI sits below 50, showing weakened bullish momentum.
Kraken's data feed shows how important the $2,000 level has become for traders. It's acted as a pivot point in recent sessions, and a sustained move below could trigger more…
Analysts at CoinDesk think current market sentiment is pretty cautious. They're pointing to Ethereum's recent price swings and its inability to hold momentum above $2,120 as…
Trading volumes over the past week reflect mixed sentiment. Binance data shows a slight decline in buy orders, suggesting traders want clearer signals before committing to new…
Sarah Thompson from CryptoCompare thinks Ethereum's failure to hold above $2,120 shows potential weakness in buying interest at higher levels.
Coinbase data reveals trading volumes for Ethereum saw a modest uptick recently. Short-term traders are taking advantage of price swings, with significant transactions occurring…
Institutional investors remain cautious too. Grayscale's latest Ethereum Trust filings show a steady holding pattern, reflecting a wait-and-see approach as the market works…
Glassnode's February 11 report showed the number of active Ethereum addresses stayed relatively stable despite recent price swings.
Binance CEO Changpeng Zhao said in a recent interview that Ethereum's current price levels depend on broader market dynamics, particularly Bitcoin's performance.