Baxia Markets
February 23, 2022

Ethereum finds support at $2,501

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The cryptocurrency was on a six day losing streak, the price managed to break the support level at $2,630.82 in our 23.6% Fibonacci retracement. The short and long-term moving averages crossed on Thursday Feb 17th session indicating that an uptrend was possible, this is attributed to the rally that started in late January and continued throughout Feb 10th. 


The Bollinger bands are opening up and volatility should be higher in the upcoming sessions; the pair trades closer to the lowe band, suggesting that the price is relatively low, we are seeing a slight recovery from ETH and could break the now resistance at the $2,630 price level. 


ETH Feb 22nd 2022


The relative strength index is 39% and never entered the oversold status; however, the support from the lowe Bollibger band stopped the fall and could start a recovery in the short to mid-term. The current RSI level will allow the price to continue climbing freely for a while before entering the overbought status.


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