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AltcoinCryptocurrencyEthereum (ETH)NewsPrice Analysis

Ethereum Price Analysis For February 24th

The crypto market recorded some significant loses in the last 24 hours, with Bitcoin been the biggest loser. The good news is that Ethereum price has been less affected in comparison to other altcoins.

After reaching an all-time high of more than $2,000 four days ago, the biggest altcoin started its correction two days ago. One reason attributed to this correction might be a single whale choosing to dump all his ETH coins.

Some crypto investment advisors believe that Ether is still at an early stage of its bullish trend and won’t stop until it reaches $17,500. The coin has experienced more than four hundred times increase in revenue since the beginning of last year.

At a market cap of over $185 billion, Ethereum’s current value is $1,640. After steadying at support levels between the $1,550 and $1,455 price range since yesterday, the biggest altcoin seemed to have ridden its corrective phase.

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Let’s analyze Ether’s one-hour chart to determine possible profitable entry points for buyers.

ETH’s 1-Hour Chart

Source: TradingView

It would seem that this cryptocurrency is no longer experiencing any bearish corrections at this writing time. The crypto market is about to surge and hit vital resistance levels on the chart again. For most parts of yesterday till now, ETH fluctuated between $1,590 and $1,458. A few hours before publishing this article, ETH’s wedge pattern is on the ascendancy, and there is a reduction in the gap to the top.

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Ethereum may experience more corrections in the coming hours because the 50-moving average resistance is getting close to the top. Using the previous resistance level as new support, traders can open a long position later in the day on the bear trend that will likely follow the ascending wedge that would be formed.

However, it is crucial to keep in mind that traders shouldn’t depend on the chart solely because there has been a slight drop in a few of the last trading sessions.

Making The Right Buy and Sell Decision

Source: ETH/USD on TradingView

The possibility of a market correction conforms with the suggestions from the market indicators. As of this writing, there is a bullish trend on the market’s relative strength index. However, this isn’t expected to last long as the market should experience a slight dip before hitting the overbought zone.

The stochastic relative index strength within the overbought region is on the descent, which indicates a bear trend from the charts. Lastly, the positive moving average convergence-divergence (MACD) corresponds with the current bullish trend with the MACD line and the signal line maintaining a safe distance from each other.

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Keep an Eye On These Vital Ranges.

Resistance: $1750, $1810

Support: $1552, $1457

Entry position: $1552

Take profit: $1761-$1801 is a good point. The VPVR indicator has given previous signals with the same range.

Stop loss: $1450

As volatility decreases on the charts, Ethereum should experience systematic recovery and obey the market’s trend. Thus, be ready for some price action for the remainder of this week.


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Shelly Melancon (Switzerland)

Shelly is a cryptocurrency enthusiast from Switzerland, she bought her first crypto in 2015 when it was way less popular then it is today and since 2017 she has been writing about cryptocurrency for online news portals. Shelly is the newest addition to the Tokenhell team, she writes mostly news and reviews related articles , stay tuned to her posts to stay up to date with the crypto world.

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