- ETH price recovers from a low of $1,490 as price aims to continue its rally
- ETH price faces resistance at a region of $1,550 as price struggles to break higher to $1,600
The price of Ethereum (ETH) has remained strong during the recent downtrend as the price lost its steam to rally past the region of $1,700. After an impressive price rally from a low of $1,250 in the past few weeks, the price of ETH declined as Bitcoin could not break past the region of $25,000.
Related: Bitcoin Weekly Chart Shows Death Cross – Is Price Heading To $18,000?
ETH’s price on the low and higher timeframe looks more convincing compared to the price of BTC as price struggled to hold above its key support of $22,500 as price flipped this region into resistance, leading to many altcoins and ETH suffering more price decline in the past few days.
With the news of the consumer price index (CPI) coming out in the early hours of February 14th, many traders and investors were reluctant to open a trade as it was uncertain how the market would respond to the data when it came out.
With the CPI rising, the crypto market has been indifferent as many altcoins and Ethereum (ETH) continue to show strength rallying higher. It is yet to be known how this will affect the market generally in the coming few days.
Ethereum (ETH) Daily Price Analysis
The price of ETH has responded well in the past few days, which saw its price drop to a low of $1,480 as the price bounced to a high of $1,550 after the release of the CPI news.
The price of ETH news to rally past this region acting as resistance to a high of $1,580 and possibly $1,600 to resume its bullish price movement it has demonstrated in the past few weeks.
If the price of ETH fails to break above this region, we could see price retesting the low of $1,400 as good support for price sell-offs.
ETH daily resistance – $1,590
ETH daily support – $1,400
Image from daily hodl, chart from Tradingview.com
