Cointelegraph Markets Pro and TradingView data reveal that Ether costs increased 11.4% after rebounding from a low of $2826 on February 15, and after that reached a high of $3148.
Financial markets are unpredictable due to international and macroeconomic concerns, such as increasing inflation rates in the United States or the possibility of Russia attacking Ukraine.
ETH/USDT 4-hour chart. Source: TradingView
Here are some comments from traders on Ethers current price action and what to keep an eye out for in the coming weeks.
Numerous experts were amazed to see that the state of mind in cryptocurrency markets changed on February 15, after Bitcoin (BTC), which climbed to $44,500, and Ether (ETH), which regained assistance at $3,000.
Ether lies in a zone of heavy resistance
Independent market expert 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 turned down at the weekly order block, heavy resistance zone and ended up in a red candle light for this week. Provided the unpredictability that is expected for the next week, I dont anticipate this to break and anticipate lower tests.
Bulls could benefit from the inverse head-and-shoulders pattern
The following chart, which reveals one possible instructions for Ethers rate, was posted by Phoneix, a crypto trader and pseudonymous Twitter User.
ETH/USDT 4-hour chart. Source: Twitter
” Were going play Ether that way, right?”
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Bitcoin and Ether share comparable everyday charts
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BTC/USDT vs. ETH/USD 1-day chart. Source: Twitter
” There are 2 things to be concerned about: the patterns are not straight and disorganized …, and there is the matter of Ukraine. Chart patterns can be messed up by wars.”
Glen Goodman, the crypto trader and author of The Crypto Trader, offered a last insight into the long-term price structure of Ether. Goodman supplied the following charts that compare the formation of an inverted head and shoulders development on both the Ether and BTC charts. He kept in mind that the “head and shoulders patterns” are close to conclusion.
The overall cryptocurrency market is now worth $1.978 trillion, and Bitcoins supremacy rate of 42.2%.