It has been a positive day for cryptocurrencies, with more dip-buying extending Thursday’s rally. ETH bullish sentiment received a boost as Ethereum balance rises on centralized exchanges following improved investors’ optimism. The Inflows to exchanges have grown as a result of the recent rebound in crypto markets. Ether had plunged to $2,300 support but was met with dip buying from investors. The pair has continued to print gains for the third day in a row reaching an intraday high of $2,880 at the week’s close. At the time of this analysis, ETH/USD has added over 5% in 24 hours and trades at $2,824 presently. As the Russia-Ukraine conflict escalates, Ethereum rebounds and shrugs off geopolitical concerns as it aims for mid-February levels near $3,000. Markets are coming out from behind the risk-off concerns after sanctions against Russia issued by the US, UK, and Europe failed to deliver the anticipated impacts.
Key Levels
Resistance Levels: $3,500, $3,200, $3,000
Support Levels: $2,700, $2,500, $2,200
ETH/USD Daily Chart ETH’s strong bullish acceleration rose well above $2,800, with the psychological barrier of $3,000 within range and it might easily surrender and open the way for renewed vigor and race to test January high at $3,894 level. Meanwhile, a break higher might prove to be false and activate scenarios for a strong pullback to $2,500.
Otherwise, renewed probe through $2,900 level – $3,000 looks very likely now, with a break higher to face targets at moving average (MA 200) zone at $3,500. The second-largest cryptocurrency performance might directly depend on investors’ sentiment to geopolitical tension with dips so far seen as good buying opportunities.
ETH/USD 4-Hour ChartETH/USD is heading north after failing to have a closing day below the $2,700 support and failing to touch the 4-hour moving average (MA 50). The short-term relative strength index (RSI) is gaining momentum above its 60 points, while the MA 50 is sloping lower in the near term.
Meanwhile, further upside surges may meet resistance around the horizontal barrier of $2,900 before attempting the $3,000 psychological resistance. On the contrary, ETH/USD might pull back towards support at the MA 50 zone, while even lower the low of $2,300 might act as a turning point for the bulls.
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