Ethereum (ETH) price has been traded below $ 3,000 since the beginning of February. While the consolidation process continues, important indicators point to a strong lack of acceleration in the price movement. So, can Ethereum overcome this critical threshold by the end of February?
Ethereum Price Analysis: What does RSI and DMI say?
Ethereum’s relative power index (RSI) has been at 54.2 for two weeks and shows that the market is in balance. The fact that RSI is over 70 means excessive purchase, and less than 30 means an over -selling signal. In this case, Ethereum is at a point where neither buyers nor sellers seize full control.
The RSI’s exceeding 60 level may indicate that the procurement pressure will increase and the price will move towards $ 3,000. However, in the current situation, ETH seems to have not been able to determine a clear direction. It is critical for RSI to rise more than 70 for the rise.
ADX and EMA: Is Momentum weak?
The directional motion index (DMI) and the average direction index (ADX) indicate that the trend power of Ethereum is weak. ADX was at the level of 32.8 on February 12th and now declined to 11.8. ADX values below 20 indicate that the trend power is weak and the price is an unstable course.
The positive direction indicator (+DI) and the negative direction indicator (-DI) indicate that the pressure on both sides is reduced. In order for Ethereum to reach $ 3,000 again, ADX should rise above 20 and +DI -Di. This will confirm that the market has a tendency to rise again.
Ethereum Price Estimation: Will $ 3,000 come?
Ethereum’s resistance at $ 2,800 can allow the price to move towards $ 3,000. The narrowing distance between the EMA lines increases the likelihood of momentum change. If ETH rises above $ 2,800 and permanent at $ 3.020, the price may rise to $ 3,442.
However, if ETH loses $ 2,551 support, a deeper correction may be experienced. In this scenario, there is a risk of falling up to $ 2.160. It is important that investors follow these levels closely. Ethereum will see if it will see $ 3,000 again, market dynamics and investor demands. Existing indicators can offer opportunities with careful strategy and correct timing.
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