FX.co ★ Trading signals for Ethereum (ETH/USD) on February 11-14, 2022: sell below $3,125 (2/8)

Ethereum (ETH/USD) price action has a barrier at the top of the resistance 200 EMA at 3,329.

Yesterday, Ether tried to break the zone 3,329 (200 EMA) reaching a high of 3,285 and made a correction below this zone. This level has become a strong resistance for Ethereum and it is likely to remain under bearish pressure below this zone.

Currently, it is trading below 2/8 of Murray and showing a slight bearish bias.

Since January 24, Ether has formed an uptrend channel. Currently, it is trading inside this channel. Only a sharp break could generate an acceleration to the downside in the coming days towards the support of the 21 SMA at 2,743.

The cryptocurrency market is likely to see some profit taking from investors as the price action was rejected yesterday for any further rally below the 200 EMA.

A consolidation above 3,125 (2/8 Murray) could possibly reach the resistance of 3,329 (200 EMA) and reach the resistance of 3/8 Murray at 3,437 and until the psychological level of 4,000.

On the contrary, as long as it remains below this zone of 3,329 (200 EMA), in the short and medium term, it is expected that the Ether can continue its downward trend and fall towards the zone of 2,500 and to the psychological level of 2,000.

Our trading plan for the next few hours is to sell below the 2/8 Murray located at 3,125 with targets towards the 21 SMA at 2,743. On the other hand, we expect a pullback towards the 200 EMA. If ETH does not fail to break above this level, it will be an opportunity to sell again.

Support and Resistance Levels for February 11 - 14, 2022

Resistance (3) 3,361

Resistance (2) 3,238

Resistance (1) 3,162

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Support (1) 2,964

Support (2) 2,812

Support (3) 2,624

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Scenario

Timeframe H4

Recommendation: sell below

Entry Point 3,125

Take Profit 2,812; 2,743

Stop Loss 3,250

Murray Levels 3,437 (3/8), 3,125(2/8), 2,812 (1/8), 2,500 (0/8)

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