Ethereum declined approximately 5% to $1,879, mirroring broader market weakness led by Bitcoin. Technical indicators are bearish, with the asset’s price trading below all key moving averages and its RSI near oversold territory. Analysts note the ETH/BTC pair is stable and identify a key resistance level at $2,120 should a recovery occur.
Ethereum faced continued selling pressure, with its price dropping amid a weak broader cryptocurrency market. At the time of writing, ETH was trading at $1,879.71 with a market capitalization of $225.26 billion, according to CoinMarketCap.
Analyst CRYPTOWZRD stated that “Ethereum is currently following the trend of Bitcoin, and the price of the ETH/BTC pair is stable despite the weakening Bitcoin Dominance.” The analyst’s daily technical outlook, published on February 23, indicated market indecision with slightly bearish signals.
Technical indicators showed weak momentum for Ethereum. The Relative Strength Index was at 30.79, near oversold levels, suggesting sellers were in control.
The asset’s price traded below its 20, 50, 100, and 200-day simple moving averages. The MACD also remained in negative territory, though its histogram showed a slight positive value of 26.05.
