Well, gather ’round, folks, and lend me your ears! Ethereum, that slippery little rascal, has found itself some sturdy ground near $1,928, managing to shake off a bit of its losses. But don’t get too comfortable, as it now finds itself facing a veritable mountain range of hurdles, the biggest one being that pesky $2,020.
- It seems Ethereum is trying its darndest to ride the recovery wave above $1,950.
- However, it’s still trading below the lofty heights of $2,020 and the ever-so-reliable 100-hourly Simple Moving Average. What a mouthful!
- A bullish trend line is forming, holding on tight at $1,950 like a stubborn mule on a rainy day, according to the charts provided by our friends at Kraken.
- If it can’t muster the strength to rise above that $2,020 threshold, we might just witness another plummet-hold onto your hats!
Resistance: The Unwelcome Party Crasher
In a tragic turn of events reminiscent of Bitcoin‘s sad tale, Ethereum failed to cling to the magical $2,000 mark and instead took a nosedive. The price dipped below $1,950 and $1,940, landing squarely in the gloomy bearish zone.
But wait! Just when all hope seemed lost, the bulls made a triumphant return near $1,925. A low was reached at $1,928, and voilà, a recovery wave was born! They managed to push past the $1,950 resistance, even spiking above the 38.2% Fib retracement level from the previous high of $2,101 down to the low of $1,928. Quite the comeback story!
Now, Ethereum finds itself once again beneath the $2,020 mark and the fabled 100-hourly Simple Moving Average. If those bullish beasts keep up their charge above $1,950, we might see the price flirt with an increase once more. The immediate resistance looms ominously at $2,020 or the 50% Fib retracement level from our earlier tale.
The first hurdle stands tall at $2,035, with a bigger beast waiting at $2,060. Should Ethereum clear that $2,060 fence, we might just see it gallop toward the $2,120 territory. And if it really gets its act together, we could be talking about a jaunt all the way up to $2,150 or even a wild $2,185 in the not-so-distant future!
Is Another Decline on the Horizon?
Now, should Ethereum fail to conquer that stubborn $2,020 resistance, a fresh decline could be brewing. Initial support on the downward slide is hanging around the $1,970 level, with the first major lifebuoy near $1,940 or the trend line.
If it falls below $1,940, the price might tumble toward the $1,880 support level, and heavens forbid, any further losses could take it down to the murky depths of $1,820. The grand main support might just be lurking at $1,780. Yikes!
Technical Indicators
Hourly MACD – The MACD for ETH/USD seems to be gaining momentum, strutting its stuff in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone, waving a little flag of optimism.
Major Support Level – $1,940
Major Resistance Level – $2,020
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2026-02-17 06:54