On February 24, the price of Ethereum fell to a low of 2,300 and recovered by 17% after US President Joe Biden's announcement of new sanctions on Russia.
Currently, ETH is trading below the downtrend channel formed since February 15. The pirce is located below the downtrend channel and below the 200 EMA and 21 SMA.
Last week after reaching the level of 2,300, Ether made a technical bounce with a jump to the area of 2,812 (1/8 of Murray). From that level, it is making a technical correction. If ETH does not manage to overcome 2,888 (EMA 200), the rebound will be an opportunity to sell.
In the next few hours, Ether is likely to approach the levels 2,700 or 2,812. If it fails to break these levels and continues to trade below the bearish channel, we could have an opportunity to sell with targets at 2,500 and towards 2,300.
Ether as a risky asset is vulnerable to geopolitical headlines. As this story unfolds, we expect ETH price to depreciate towards 1,920 or even 1,500. This could occur in case of more news of Russian troops entering in Ukraine and taking control of key cities.
Our trading plan for the next few hours is to sell below the downtrend channel around 2,812 with targets at 2,500 and up to 2,300.
