After a bullish breakout attempt, back below last week’s price

• Course Ethereum (ETH): $2,730 (previous week: $2,729)
• Resistances/Goals: $2,733, $2,993, $3,155, $3,250, $3,361, 3,408, $3,577, $3,752, $3,898, $4,043, $4,158, $4,339, $4,547, $4,719, $4,864, $5,5,073 $6,014, $7,027, $8,666, $11,318
• Supports: $2,659, $2,571, $2,305, $2,161, $2,044, $1,930, $1,725/$1,713, $1,545, $1,425

• Ethereum needs to recapture USD 2,954 to initiate an initial break-out.
• The chart image only brightens up again more clearly above USD 3,273.
• $2,305 continues to be viewed as a key initial support level.

At the beginning of the week, the ether price was initially able to rise briefly in the slipstream of Bitcoins (BTC) up to the psychologically important USD 3,000 mark. However, stabilization above the 38 Fibonacci retracment at USD 2,993 failed. In the last few trading days, the entire crypto market has been pulled south again by a new wave of sell-offs in global stock indices. The temporary decoupling from the classic financial markets, as observed on February 28, thus seems to have only been of a temporary nature so far.

On-chain data shows that Russian citizens are not, as suspected, investing sustainably in cryptocurrencies to counteract the massive inflation of the Russian ruble. Today, Friday, March 4th, the ongoing sell-off in the Nasdaq technology index is once again pushing the crypto sector, and with it Ethereum (ETH), back below the important price level of USD 2,733. But it is imperative for the buyer side to defend the support level of USD 2,305 in order to avert an expansion of the correction movement. On the upside, the bulls only get a more lasting all-clear above the historical high at USD 3,273.

Bullish Variant (Ethereum):

As in the last two weeks of trading, the sustained liberation failed again. Ethereum failed several times at the 38 Fibonacci retracement and is currently threatening to give up the support at USD 2,659. With this, the ether price is again trading below the important moving average lines EMA20 (red) and EMA50 (orange). In order to avert another sell-off, the ether price must first stabilize above USD 2,578 in order to then rise again above USD 2,733.

If this chart level is recaptured, the area around this week’s price high of USD 2,993 will come into focus again. The EMA50 can also be found here. If USD 2,993 is sustainably overcome without renewed setbacks, the lower edge of the red resistance zone will come back into the focus of investors. If Ethereum then jumps dynamically above USD 3,155 and thus above the supertrend, a renewed test of USD 3,255 is likely.

Outbreak could take shape

In addition to the high of February 10, 2022, the 50 Fibonacci retracement and the EMA200 (blue) can also be found in this zone. Once again, it should be difficult for the bulls to immediately break through this strong resistance in the first attempt. If the bulls can develop enough purchasing power and then form a new historical high, a subsequent rise into the turquoise resist zone should be planned for. The MA200 (green) and the “Golden Pocket” in the form of the 65 Fibonacci retracement run in the USD 3,577 area.

In order to be able to break through this resistance zone, Bitcoin (BTC) must also establish itself back above USD 46,000 in the long term. If this area can be recaptured in the coming weeks, the next price target will be activated at USD 3,752. This price mark acts as the first relevant resist on the way to USD 3,898. Here, the bears will resist again to save their chance for another corrective move.

On the other hand, if the bull camp succeeds in pulverizing this technical chart hurdle, price targets at USD 4,043 and USD 4,158 will be activated. This massive resistance area is to be seen as the first overarching target area for the time ahead. A subsequent increase up to USD 4,339 is only conceivable if Ethereum can also sustainably break through this zone. If Bitcoin also breaks the key resistance at $52,000 and surges towards $57,000, Ethereum is likely to target $4,547.

If the old all-time high is subsequently broken through without serious price setbacks, the final target range between USD 4,719 and the all-time high at USD 4,864 will come into focus again. The purchasing power of the bulls is currently limited, which is why a breakout above the existing all-time high is not to be expected for the time being.

Bearish Variant (Ethereum)

After a short breather, the bears have taken the helm again in the last few trading days. Starting from the currently insurmountable resistance at USD 2,993, the ether price fell south by 12 percentage points in the last three trading days. This means that Ethereum is trading again at the first significant support at USD 2,659.

If the bears succeed in breaking this mark as well, the horizontal support at USD 2,578 will come into focus as a target. If this mark does not hold either and Ethereum slips back below this price level, there is another directional decision in the yellow support zone. If the bears can generate enough selling pressure and sell the ether course sustainably below the key support at USD 2,305, the chart picture will cloud over further.

The chart picture will certainly continue to cloud over

Then the low of January 24, 2022 at USD 2,161 acts as the last emergency nail for the buyer side. If the selling pressure does not abate at this chart mark either, an extension of the correction into the green support zone is conceivable. Ethereum should then fall back to at least USD 2,044, but more likely to USD 1,930. If the daily closing price also falls below USD 1,930, price targets at USD 1,795 and USD 1,713 are activated.

The bulls should be there to prevent a dip below the summer 2021 low. Otherwise, the probability of a correction up to USD 1,545 would increase drastically. Even a retest of the support at USD 1,425 can no longer be completely ruled out. The maximum bearish price targets for the coming months are unchanged at USD 1,359 and USD 1,223. From the current perspective on the ether chart, there is no more selling potential.

Indicators (Ethereum)

The RSI indicator is currently threatening to leave the neutral zone between 45 and 55 down again. This would activate a fresh sell signal. Although the MACD currently has a slight buy signal, it is likely to switch back to sell mode if the price continues to be weak. On the weekly chart, the bearish picture remains unchanged. As in previous weeks, the RSI is trading below the neutral zone and therefore has a sell signal this week as well.