Ether price news and price prediction this week Feb 24 to March 1: the coin can make a decisive move this week
While the fundamentals look positive, let us do the Ether price analysis to see what the technicals project.
Ethereum has been leading the altcoin revival in 2020. While Bitcoin investors are looking at the halving event to boost prices higher, Ethereum investors are eagerly awaiting the launch of Ethereum 2.0. In a recent interview to the Cointelegraph, Ethereum co-founder Vitalik Buterin said: “Phase 0 is the first phase of the Ethereum 2.0 launch. This will release the proof-of-stake network, which will come online this year.”
Following the successful launch of Phase 0, the next step is the launch of Phase 1, which is expected to go live next year. After Ethereum 2.0 network becomes fully robust, Ethereum 1 will merge with 2.0. While the fundamentals look positive, let us do the Ether price analysis to see what the technicals project.
Ether price prediction: February 24 to March 01
The Ether price analysis of the weekly chart shows a pause in the up move but there are no bearish signs yet. Similarly, the daily chart also shows a period of consolidation. Using both these charts, let us do the Ether price prediction for the period between February 24 to March 01.
Ether price chart: weekly
Ether formed an inside week candlestick pattern last week. This shows indecision among both the bulls and the bears. While the bulls continue to defend the support at $239.30, the bears are defending the resistance at $289.33.
If the bulls can propel the price above $289.33, the up move is likely to resume. There is a minor resistance at $318, above which the uptrend can reach $362.87. The moving averages are on the verge of a bullish crossover and the RSI is close to the overbought territory, which suggests that bulls have the upper hand.
Conversely, if the bears sink the ETH to USD pair below $239.30, the price can dip to the moving averages, which are close to $200. We expect the bulls to defend this level aggressively.
The Ether price analysis of the weekly chart shows a balance between the bulls and the bears. While the bulls are buying the dip to the critical support level, the bears are selling close to the overhead resistance level.
Let us do the Ether price analysis of the daily chart to see if we find any reliable bullish or bearish setups.
ETH to USD chart: daily
On the daily chart, we find that Ether has formed a symmetrical triangle, which is usually a continuation pattern but sometimes it can act as a reversal pattern. Therefore, it is difficult to predict which way the price will breakout.
If the bulls can push the price above the triangle, the uptrend will resume. The symmetrical triangle has a target objective of $338.69.
On the other hand, if the bears sink the price below the triangle, the price might enter a deeper correction. The target level to watch on the downside is $183.95, which is just below the 50-day SMA at $199. How can the traders position themselves next week?
Ether price prediction for February 24 to March 01: How to trade it
The traders who are holding long positions can trail their stop loss higher to $235. If this level breaks down, Ether is likely to enter a deeper correction. Conversely, if the bulls can push the price above the triangle, the short-term traders can buy the close (UTC time) above the triangle and keep the stop loss just below $265.
FURTHER READING: Ether and Ethereum: what is the difference?
FURTHER READING: What is the Ethereum market cap, and will it grow in 2020?