• Ethereum (ETH) experienced a strong rally in January, but has seen a slow February so far.
• The 20-day EMA and RSI indicators are displaying mixed results.
• If the bulls can push the price above $1,680, ETH could rally to $1,800 or even higher; otherwise, it may drop to $1,500 or lower.
Ethereum’s Price Action in February
Ethereum (ETH) has seen a slowdown in extreme price action in February after its January rally. This could be seen as positive sign for the market as it provides some breathing room after the rapid increase in prices.
Analysis of Ethereum’s Price Chart
Currently, ETH is trading close to the $1,680 resistance level. The upward slope of the 20-day exponential moving average (EMA), which stands at $1,586 at the time of writing, favors buyers. However, negative divergence on the relative strength index (RSI) suggests that bullish momentum may be waning. To maintain control of the asset’s price action, bulls need to drive ETH above $1,680.
Potential Outcomes for Ethereum’s Price
If successful at pushing prices beyond this resistance level, ETH could surge up towards $1,800 or even higher if it maintains support levels above $1,680. Conversely should it break below its 20-day EMA and 50-simple moving average (SMA), its price could tumble down to around $1,500 or even lower towards $1 ,352 .
Technical Indicators Point Towards Mixed Results
The 20-day EMA and RSI indicators give mixed signals about Ethereum’s potential future movements and whether or not it will experience further gains or declines from here on out. If bulls can maintain control of ETH’s price action above current resistances then they may have an opportunity to push prices further upwards; however if bears take over then we may see a dip back downwards again soon enough.
At present there is no clear indication as to what direction Ethereum’s price will take next; however examination of technical indicators such as 20-day EMA and RSI can help provide guidance on possible outcomes for ETH’s short term movements and whether we might see further gains or losses soon enough.