• ETH halted its recent rally at the $2,815 level near the September 2021 horizontal channel
  • ETH / USD changed hands at $2,620, down to $2,500
  • 302,092 ETH leaving centralized exchanges in 2022 alone

Ether prices cannot rise significantly because more investors believe that sellers are taking profits at current levels. Although, no. 2 The cryptocurrency managed to achieve a partial rebound after its steep decline stopped in the $2,159 area. However, the situation has deteriorated again recently, with Ether falling for the second day in a row after five consecutive days of gains. Technically speaking, ETH halted its recent rally at the $2,815 level near the September 2021 horizontal channel. At the time of the analysis, ETH/USD was trading at $2,620, down to $2,500. According to IntoTheBlock analysis, a total of 302,092 ETH left centralized exchanges in 2022 alone. Ether exchange balances are falling, indicating that ETH investors are committed to long-term investments after last year's price spike. Therefore, the continued flow of tokens into cold wallets could portend long-term price volatility.

Key Levels Resistance levels: $3,400, $3,000, $3,700 Support levels: $2,500, $2,300, $2,000

ETH/USD Daily Chart: Range ETHUSD_Daily_feb_3.png.jpeg.webp ETH/USD Daily Chart

As seen on the daily chart, Ether has recently retreated from $2,815 and could continue to fall to $2,500 or lower as momentum indicators confirm. 2 Cryptocurrency. The moving average (MA 50) is sloping downward into a bearish channel, while the relative strength index (RSI) is falling below the 40 mark.

In addition, the price is currently well below its all-time high of $4,867, indicating an overall bearish outlook for the token. If the bearish momentum continues, the price could fall below $2,500. On the other hand, if buyers re-emerge and regain control, early resistance could form at the psychological levels of $2,900 and $3,000.

ETH/USD 4-hour chart: Ranging Studio_Project-5.jpeg.webp ETH/USD 4 hour chart

The ETH/USD rally on the 4-hour chart appears to be in danger as positive momentum has failed to strengthen and near-term risks remain tilted to the downside. Therefore, only a sharp rebound from the short-term moving average (MA 50) at $2,600 could indicate a continued rally in the near term. 2 Cryptocurrencies.

The new strength may signal the formation of a bull trap, which supports the bearish bias, but confirmation of a close above the short-term moving average (MA 50), preferably above the $2,600 mark, is needed to add to the positive signal. Overall, we can expect prices to fall or possibly break through the $2,700 resistance level and reach the $3,000 resistance level.

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