Financial markets remain volatile, with global and macroeconomic factors contributing. These include rising inflation rates in the United States and the prospect of a Russian invasion of Ukraine.
To the surprise of many analysts, sentiment in the cryptocurrency market turned positive on February 15th. Bitcoin ( BTC ) surged to $44,500 and Ether ( ETH ) reclaimed support at $3,100.
shows that ether prices are up 11.4 percent from a low of $2,826 on Feb. 15 to an intraday high of $3,148.
What are traders saying about Ether's recent price action and what to watch out for in the coming weeks?
Ether in heavy resistance zone
Independent market analyst Michaël van de Poppe took to Twitter to address the strong resistance Ether is facing, posting a chart showing the key support and resistance zones for the top altcoin .
He commented on this:
“Ethereum, like Bitcoin, was rejected at the weekly order block and severe resistance zone, ending the week with a red candle. Given the uncertainty over the coming week, I don't expect a breakout and expect re-tests from lower levels.”
Bulls could exploit inverse head and shoulders patterns
Crypto trader and Twitter user "Phoenix" was more optimistic and posted the following chart of possible Ether price action .
Phoenix said:
"We want to get Ether on this path, right?"
Similar daily chart for Bitcoin and Ether
The author of the book "The Crypto Trader" Glen Goodman has also made a forecast on the long-term price structure of Ether. Goodman posted the following charts comparing the formation of an inverse head and shoulders pattern on the BTC and Ether charts. He found that the "head-and-shoulders pattern is nearing completion".
Goodman further said:
"There are a couple of concerns: the patterns are a bit skewed and irregular. And then there's the little Ukraine thing. Wars tend to mess up nice chart patterns."
The total market cap of all cryptocurrencies is now 1.978 trillion. US dollars and Bitcoin's market share is 42.2 percent.
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