Ethereum price (ETH/USD) is trading below the 200 EMA and below the 21 SMA. Ether has broken the uptrend channel formed since Jan 23. Currently, it has left a gap that is likely to be covered in the next few hours.

A pullback in the next few hours towards the psychological level of $3,000 will give us an opportunity to sell Ether with targets towards 1/8 Murray (2,812) and up to 0/8 Murray around 2,500.

There is a gap at 2,944. A technical bounce around the support at 2,812 could give us the opportunity to cover this gap with targets towards the 200 EMA at 3,000.

The downside risk remains latent due to the US inflation data that caused an acceleration of the bearish movement in Ether.

If the US central bank increases its interest rate by 50 basis points, Ether could fall towards the psychological level of 2,000 and up to 1,500.

If the selling pressure continues to increase, the price of Ether could fall towards the support line of 4/8 Murray around 2,500.

Our trading plan for the next few hours is to buy on a technical bounce around 2,812 with targets at 3,000. Conversely, a pullback to the 200 EMA around 3,000 with targets at 2,812 and up to 2,500.

Support and Resistance Levels for February 14 - 15, 2022

Resistance (3) 3,006

Resistance (2) 2,974

Resistance (1) 2,900

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Support (1) 2,812

Support (2) 2,728

Support (3) 2,580

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Scenario

Timeframe H4

Recommendation: Buy above

Entry Point 2,812

Take Profit 3,000, 3,150

Stop Loss 2,720

Murray Levels 3,437 (3/8), 3,125(2/8), 2,812 (1/8), 2,500 (0/8)

Alternative scenario

Timeframe H4

Recommendation: sell if it pullback

Entry Point 3,000

Take Profit 2,812; 2,500

Stop Loss 3,190

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