Ethereum Price At Make-or-Break Levels, Can ETH Surge To $3,200?
23 Februar 2024 - 4:48AM
NEWSBTC
Ethereum price is struggling below the $3,030 resistance. ETH is
consolidating and might start a downside correction below the
$2,930 support. Ethereum struggled to stay above the $3,000 level
and corrected lower. The price is trading above $2,930 and the
100-hourly Simple Moving Average. There is a key bullish trend line
forming with support at $2,930 on the hourly chart of ETH/USD (data
feed via Kraken). The pair could start a fresh increase unless
there is a clear move below $2,930. Ethereum Price Hits Support
Ethereum price made another attempt to gain pace above the $3,000
resistance zone. However, the bears were active above the $3,000
resistance. A new multi-week high is formed near $3,036 and the
price started a downside correction, like Bitcoin. There was a move
below the $3,000 and $2,980 levels. The price spiked below the 50%
Fib retracement level of the upward move from the $2,865 swing low
to the $3,036 high. However, the bulls are now active near the
$2,940 level. Ethereum is now trading above $2,930 and the
100-hourly Simple Moving Average. There is also a key bullish trend
line forming with support at $2,930 on the hourly chart of ETH/USD.
The trend line is close to the 100-hourly Simple Moving Average and
the 61.8% Fib retracement level of the upward move from the $2,865
swing low to the $3,036 high. Source: ETHUSD on TradingView.com
Immediate resistance on the upside is near the $2,980 level. The
first major resistance is near the $3,000 level. The next major
resistance is near $3,035, above which the price might rise and
test the $3,080 resistance zone. If there is a move above the
$3,080 resistance, Ether could even rally toward the $3,200
resistance. Any more gains might call for a test of $3,250. More
Losses In ETH? If Ethereum fails to clear the $3,000 resistance, it
could continue to move down. Initial support on the downside is
near the $2,930 level and the 100-hourly Simple Moving Average. The
first major support is near the $2,865 level. The next key support
could be the $2,820 zone. A clear move below the $2,820 support
might send the price toward $2,720. Any more losses might send the
price toward the $2,550 level in the coming days. 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 – $2,865 Major Resistance Level –
$3,000
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