Ethereum Price Prepares To Go On Another Bullish Spree, Key Support Intact
February 28 2024 - 11:07PM
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Ethereum price climbed to a new multi-month high above $3,400. ETH
is consolidating like Bitcoin and seems to be setting up for
another bullish spree. Ethereum extended its increase above the
$3,400 resistance zone. The price is trading above $3,350 and the
100-hourly Simple Moving Average. There is a key bullish trend line
forming with support at $3,250 on the hourly chart of ETH/USD (data
feed via Kraken). The pair could correct lower, but dips might be
limited below the $3,250 support zone. Ethereum Price Extends Rally
Ethereum price remained in a bullish zone after it settled above
the $3,000 pivot level. Bitcoin saw strong moves above the $60,000
resistance. It even rallied toward the $64,000 level. ETH also
started a decent increase and cleared the $3,320 resistance. It
surged over 10% and even tested the $3,500 level. A new multi-month
high was formed near $3,496 before there was a sharp decline. A low
was formed at $3,111 and the price is now attempting a fresh
increase. It is still above the 23.6% Fib retracement level of the
upward wave from the $3,111 swing low to the $3,465 high. Ethereum
is now trading above $3,350 and the 100-hourly Simple Moving
Average. There is also a key bullish trend line forming with
support at $3,250 on the hourly chart of ETH/USD. The trend line is
close to the 61.8% Fib retracement level of the upward wave from
the $3,111 swing low to the $3,465 high. Immediate resistance on
the upside is near the $3,450 level. The first major resistance is
near the $3,500 level. The next major resistance is near $3,550,
above which the price might gain bullish momentum. Source: ETHUSD
on TradingView.com If there is a move above the $3,550 resistance,
Ether could even rally toward the $3,680 resistance. Any more gains
might call for a test of $3,800. Downside Correction In ETH? If
Ethereum fails to clear the $3,450 resistance, it could start a
downside correction. Initial support on the downside is near the
$3,380 level. The first major support is near the $3,285 zone. The
next key support could be the $3,250 zone and the trend line. A
clear move below the $3,250 support might send the price toward
$3,120. Any more losses might send the price toward the $3,050
level. Technical Indicators Hourly MACD – The MACD for ETH/USD is
gaining momentum in the bullish zone. Hourly RSI – The RSI for
ETH/USD is now above the 50 level. Major Support Level – $3,285
Major Resistance Level – $3,450
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