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Home Market & Analysis

Ethereum Price Hits $3K But The Bulls Are Not Done Yet

n70products by n70products
February 21, 2024
in Market & Analysis
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Technical Signals Potential Surge To $2,600
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Ethereum worth climbed additional increased and broke the $3,000 resistance. ETH remains to be displaying constructive indicators and would possibly prolong features towards $3,120.

  • Ethereum prolonged its rally above the $2,980 and $3,000 ranges.
  • The worth is buying and selling above $3,000 and the 100-hourly Easy Transferring Common.
  • There’s a key bullish development line forming with help at $2,950 on the hourly chart of ETH/USD (information feed by way of Kraken).
  • The pair might proceed to maneuver up towards the $3,120 resistance zone.

Ethereum Value Extends Rally

Ethereum worth fashioned a base above the $2,850 degree and began one other enhance. ETH cleared the $2,920 resistance zone and outperformed Bitcoin. Lastly, the value climbed above the $3,000 barrier.

A brand new multi-week excessive is fashioned close to $3,032 and the value is now consolidating features. Ether is steady close to the 23.6% Fib retracement degree of the latest enhance from the $2,876 swing low to the $3,032 excessive. There’s additionally a key bullish development line forming with help at $2,950 on the hourly chart of ETH/USD.

Ethereum is now buying and selling above $3,000 and the 100-hourly Easy Transferring Common. Rapid resistance on the upside is close to the $3,040 degree. The primary main resistance is close to the $3,065 degree. The subsequent main resistance is close to $3,120, above which the value would possibly rise and take a look at the $3,220 resistance zone.

Ethereum Price

Supply: ETHUSD on TradingView.com

If there’s a transfer above the $3,220 resistance, Ether might even rally towards the $3,350 resistance. Any extra features would possibly name for a take a look at of $3,500.

Draw back Correction In ETH?

If Ethereum fails to clear the $3,040 resistance, it might begin a draw back correction. Preliminary help on the draw back is close to the $2,995 degree.

The primary main help is close to the $2,950 degree and the development line zone. It’s near the 50% Fib retracement degree of the latest enhance from the $2,876 swing low to the $3,032 excessive. The subsequent key help could possibly be the $2,910 zone. A transparent transfer beneath the $2,910 help would possibly ship the value towards $2,880 or the 100-hourly Easy Transferring Common. The primary help could possibly be $2,850. Any extra losses would possibly ship the value towards the $2,720 degree within the coming periods.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum within the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 degree.

Main Assist Stage – $2,950

Main Resistance Stage – $3,040

Disclaimer: The article is offered for instructional functions solely. It doesn’t symbolize the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You’re suggested to conduct your personal analysis earlier than making any funding selections. Use info offered on this web site solely at your personal threat.



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