The price of Ethereum (ETH) has moved lower amid the crisis between Russia and Ukraine.
Because cryptocurrencies are risky assets, investors have moved away from these investment vehicles and are taking refuge in gold, the US dollar and the Japanese yen.
ETH fell to the level of 2,300, approaching the oversold level. In the next few days, a technical rebound towards 0/8 of Murray at 2,500 is expected.
Our trading plan for the next few hours is to buy Ether at current price levels above 2,374, with targets towards 2,500 and the top of the downtrend channel at 2,650.
The Eagle indicator is in the oversold zone and a technical bounce is likely in the next few days.
According to the daily chart, the trend is still bearish because the price is below the 200 EMA located at 3,253 and below the 21 SMA located at 2,896.
Any technical bounce that approaches the 200 EMA or the 21 SMA will be an opportunity to continue selling Ether. The ultimate target is expected to drop to -2/8 Murray at 1,875.
Support and Resistance Levels for February 24 - 25, 2022
Resistance (3) 2,655
Resistance (2) 2,492
Resistance (1) 2,383
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Support (1) 2,300
Support (2) 2,168
Support (3) 1,875
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Scenario
Timeframe H4
Recommendation: buy above
Entry Point 2,340
Take Profit 2,500; 2,650
Stop Loss 2,220
Murray Levels 3,125 (2/8), 2,812(1/8) 2,500 (0/8), 2,187 (-1/8)
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