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Synopsis: Ethereum price action for this week has been chiefly par for the course. The upside potential was limited by a powerful resistance cluster between $3,000 and $3,200, while downside risks were limited to a support cluster between $2,900 and $3,000.
Bulls have been strong in keeping Ethereum price, away from a major sell-off but have been weak, with their conviction in pushing ETH higher.
As Ethereum price shifts into the weekend, the upside potential is likely limited to a range between 3100 $, and 3300 $. The 2021 Volume Point Of Control, Tenkan Sen, Kijun Sen, 38.2% Fibonacci retracement, top of the Ichimoku Cloud, and the bottom of a prior bull flag all exist with that value area. It is the single most challenging, range for Ethereum to move above.
On the bearish side of the trade, the 50%, Fibonacci retracement at 2900 $, is the critical zone to watch. However, bears may test one more Ichimoku support level, the Kijun Sen at 2725 $. Failure to hold Ethereum price to a daily, close above the Kijun Sen could trigger a massive bearish, continuation move towards the 2000 $, price level.
Ethereum’s price remained below 3000 $, Friday morning, capping a week in which its price, stalled short of where it had been earlier this month.
Before last Friday, Ethereum had been mostly above 3000 $, since early February marking a rise after a rough January. It’s hovered around 3000 $ throughout the week. Its drop below 2200 $ on Jan. 24 was the lowest Ethereum’s price had been since July 2021.
Ethereum’s up and down price, in recent weeks followed a recent announcement, by Federal Reserve Chairman Jerome Powell, that the Fed will likely begin increasing rates in March, to counteract continued rising inflation. More broadly, January’s big drop for Ethereum saw a big drop too
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