21.02.202205:42 Forex Analysis & Reviews: Trading signals for Ethereum (ETH/USD) on February 21-22, 2022: buy above $2,500 (0/8 Murray)

The price of Ethereum (ETH/USD) had a very strong drop since February 15 reaching the level of 2,630 in the beginning of the Asian session.

Ethereum is in a downtrend according to the 4-hour chart as it is trading below the 21 SMA and below the 200 EMA.

In the next few hours, a technical rebound is expected at 0/8 Murray around $2,500 with targets at 2,772 and up to 3,028.

Since it has reached an important support zone, a technical correction is likely in the next few days. Ethereum could return to the psychological level of 3,000 and up to 2/8 Murray at 3,125.

Our trading plan for the next few hours is to wait for a technical bounce in the area 2,500 to buy or wait for the break of the falling wedge pattern (2,670) with targets at 2,772 (21 SMA) and 3,028 (200 EMA).

Last week, risk assets came under bearish pressure as fears of war between Russia and Ukraine caused investors to flock to safe-haven assets such as gold and the Yen.

As we head into March, the Fed is likely to prepare for a rate hike of 50-basis points that could cause Ether to drop around the level $2,000.

Support and Resistance Levels for February 21 - 22, 2022

Resistance (3) 3,005

Resistance (2) 2,838

Resistance (1) 2,718

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Support (1) 2,527

Support (2) 2,455

Support (3) 2,335

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Scenario

Timeframe H4

Recommendation: buy above

Entry Point 2,670; 2,500

Take Profit 2,772; 3,028

Stop Loss 2,420

Murray Levels 3,125 (2/8), 2,812(1/8), 2,500 (0/8), 2,187(-1/8)

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