Global and macroeconomic concerns, ranging from rising inflation in the United States to the possibility of a Russian invasion of Ukraine, continue to cause volatility in financial markets.
To the surprise of many analysts, the crypto market sentiment turned positive on February 15 after Bitcoin (BTC) surged to $44,500 and Ether (ETH) regained support at $3,100.
Data from Cointelegraph Markets Pro and TradingView shows that after returning to the low of $2,826 early on February 15th, Ether rose 11.4% to a daily high of $3,148.
ETH / USDT on the 4-hour chart. Source: Trading View
Here’s what some market traders are saying about the recent Ether price movement and what you should expect in the coming weeks.
Ether is in a strong resistance area
The fierce opposition to Ethereum was tweeted by independent market analyst Mikael van de Poppe, who published the following chart outlining key support and resistance areas for the best altcoin.
ETH/USDT 1-week chart. Source: Twitter
Van de Poppe says:
“Ethereum, like Bitcoin, was rejected by a combination of weekly orders and a strong resistance area and has been in the red for a week. With the uncertainty coming next week, I don’t expect this to break and I expect a lower test.”
Bulls can benefit from an inverted head and shoulders pattern.
Cryptocurrency trader and Twitter user Phoneix expressed a more positive outlook on the future by publishing the following chart, which shows the possible movement of the Ethereum price.
ETH / USDT on the 4-hour chart. Source: Twitter
“We’re going to play with the ether this way, right?”
RELATED: Bitcoin Price Surges to $44.5000 Amid New Warning About Stock Correlation ‘Exceptionally High’
Bitcoin and Ethereum have similar daily charts
The most recent introduction to the long-term price structure of Ether was by trader Glenn Goodman, author of The Crypto Trader. Goodman published the following chart comparing the formation of an inverted head and shoulders pattern on the BTC and ETH charts, noting that “the head and shoulders pattern is nearing completion.”
BTC/USD vs. ETH/USD on the 1-day chart. Source: Twitter
“Some problems – the patterns are slanted and a bit wrong… This is also a small problem for Ukraine. Warriors tend to destroy beautiful card patterns.”
The total market capitalization of the cryptocurrency is now $1.978 trillion and the Bitcoin dominance rate is 42.2%.