Ethereum (ETH) Price Prediction for February 17
Ethereum (ETH) is the world’s second largest cryptocurrency (by market capitalization) at a critical level, indicating the composition or disruption of Altcoin. This forecast is based on ETH’s current price action over a four-hour time frame.
Ethereum (ETH) technical analysis and upcoming levels
According to expert technical analysis, ETH appears to form an upward triangle pattern over a four-hour time frame, but is currently facing resistance to the downward trend line and appears to be lowering towards the support level of this pattern.
According to recent price action, if ETH fails to hold the $2,680 level and closes the four-hour candle below $2,670, it is likely that it will drop 4.5% to reach the $2,560 level in the coming days.
and bearish views, eth Currently, trading in the daily timeframe is below the 200-day index moving average (EMA), indicating that the asset is on a downward trend and that it is possible to further continue this bearish trend.
Ether clearing risk
With a bearish outlook, day traders’ long positions worth $74 million are on the verge of liquidation. data It shows that a long-term position worth $72 million begins when traders are highly leveraged at $2,657. If the price is below this excessive leverage level, a large amount of ETH will be liquidated.
In contrast, traders holding long positions have a high leverage of $2,730, and if the price drops further, a long position worth $275 million is at risk of liquidation.
Current price motivation
Currently, ETH is trading close to $2,685, down 0.55% over the past 24 hours. However, during the same period, its trading volume fell by 9%, indicating that traders and investors were less involved.
