Ethereum Price Uptrend To Continue? These Could Be The Factors To Watch
February 29 2024 - 11:08PM
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Ethereum price climbed to a new multi-month high above $3,500. ETH
is correcting gains like Bitcoin and might find strong bids near
the $3,250 zone. Ethereum extended its increase above the $3,500
resistance zone. The price is trading above $3,300 and the
100-hourly Simple Moving Average. There is a major bullish trend
line forming with support at $3,260 on the hourly chart of ETH/USD
(data feed via Kraken). The pair could correct lower, but dips
might be limited below the $3,260 support zone. Ethereum Price Eyes
Fresh Increase Ethereum price gained pace after it broke the $3,200
resistance zone, like Bitcoin. ETH cleared many hurdles near the
$3,320 and $3,400 levels. Finally, it spiked above the $3,500
level. A new multi-month high was formed near $3,515 before there
was a downside correction. The price declined below the $3,420 and
$3,400 levels. It even tested the 50% Fib retracement level of the
upward wave from the $3,110 swing low to the $3,515 high. Ethereum
is now trading above $3,300 and the 100-hourly Simple Moving
Average. There is also a major bullish trend line forming with
support at $3,260 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 $3,110 swing low to the $3,515 high. Immediate resistance on
the upside is near the $3,420 level. The first major resistance is
near the $3,450 level. The next major resistance is near $3,500,
above which the price might gain bullish momentum. Source: ETHUSD
on TradingView.com If there is a move above the $3,500 resistance,
Ether could even rally toward the $3,620 resistance. Any more gains
might call for a test of $3,800. Are Dips Supported In ETH? If
Ethereum fails to clear the $3,420 resistance, it could start a
downside correction. Initial support on the downside is near the
$3,310 level. The first major support is near the $3,260 zone or
the trend line. The next key support could be the $3,250 zone. 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
losing momentum in the bullish zone. Hourly RSI – The RSI for
ETH/USD is now below the 50 level. Major Support Level – $3,260
Major Resistance Level – $3,420
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