Ethereum price (ETH/USD) is trading below the 200 EMA and below the 21 SMA. Ether has broken the uptrend channel formed since Jan 23. Currently, it has left a gap that is likely to be covered in the next few hours.
A pullback in the next few hours towards the psychological level of $3,000 will give us an opportunity to sell Ether with targets towards 1/8 Murray (2,812) and up to 0/8 Murray around 2,500.
There is a gap at 2,944. A technical bounce around the support at 2,812 could give us the opportunity to cover this gap with targets towards the 200 EMA at 3,000.
The downside risk remains latent due to the US inflation data that caused an acceleration of the bearish movement in Ether.
If the US central bank increases its interest rate by 50 basis points, Ether could fall towards the psychological level of 2,000 and up to 1,500.
If the selling pressure continues to increase, the price of Ether could fall towards the support line of 4/8 Murray around 2,500.
Our trading plan for the next few hours is to buy on a technical bounce around 2,812 with targets at 3,000. Conversely, a pullback to the 200 EMA around 3,000 with targets at 2,812 and up to 2,500.
Support and Resistance Levels for February 14 - 15, 2022
Resistance (3) 3,006
Resistance (2) 2,974
Resistance (1) 2,900
----------------------------
Support (1) 2,812
Support (2) 2,728
Support (3) 2,580
***********************************************************
Scenario
Timeframe H4
Recommendation: Buy above
Entry Point 2,812
Take Profit 3,000, 3,150
Stop Loss 2,720
Murray Levels 3,437 (3/8), 3,125(2/8), 2,812 (1/8), 2,500 (0/8)
Alternative scenario
Timeframe H4
Recommendation: sell if it pullback
Entry Point 3,000
Take Profit 2,812; 2,500
Stop Loss 3,190
***************************************************************************
