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Home»EXCHANGE NEWS»Ethereum price is preparing for another bullish session, with key support remaining intact
EXCHANGE NEWS

Ethereum price is preparing for another bullish session, with key support remaining intact

By Crypto FlexsFebruary 29, 20243 Mins Read
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Ethereum price is preparing for another bullish session, with key support remaining intact
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Ethereum price surpassed $3,400, hitting its highest level in months. ETH is consolidating like Bitcoin and seems poised for another bull run.

  • Ethereum extended its gains above the $3,400 resistance zone.
  • The price is trading above $3,350 and the 100-hour simple moving average.
  • The hourly chart of ETH/USD (data feed via Kraken) shows a major bullish trendline with support at $3,250.
  • The pair may move lower, but the decline may be limited below the $3,250 support zone.

Ethereum price rally extends

Ethereum price remained in bullish territory after stabilizing above the $3,000 pivot level. Bitcoin showed strong movement above the $60,000 resistance level. It even rose to the $64,000 level. ETH also started a significant rise and cleared the $3,320 resistance.

It surged more than 10% to test the $3,500 level. It hit multi-month highs around $3,496 before a sharp decline occurred. The lowest point was made at $3,111 and the price is currently attempting a new rise. It is still above the 23.6% Fib retracement level of the bullish wave from the $3,111 swing low to the $3,465 high.

Ethereum is currently trading above $3,350 and the 100-hour simple moving average. Additionally, there is a major bullish trendline on the hourly chart of ETH/USD with support at $3,250. The trend line is close to the 61.8% Fib retracement level of the bullish wave from the $3,111 swing low to the $3,465 high.

Immediate upside resistance is near the $3,450 level. The first major resistance is near the $3,500 level. The next major resistance level is near $3,550, above which the price could gain upward momentum.

Source: ETHUSD on TradingView.com

A move above the $3,550 resistance may cause Ethereum to rebound towards the $3,680 resistance. A test of $3,800 may be needed for further gains.

Fixing ETH’s shortcomings?

If Ethereum fails to clear the $3,450 resistance, a downward correction could begin. Initial support for the downside is near the $3,380 level.

The first major support is near the $3,285 area. The next major support could be the $3,250 zone and the trend line. A clear move below the $3,250 support could lead the price towards $3,120. Any more losses could push the price down to the $3,050 level.

technical indicators

Hourly MACD – ETH/USD MACD is gaining momentum in the bullish zone.

RSI per hour – The RSI for ETH/USD is now above the 50 level.

Key Support Level – $3,285

Key Resistance Level – $3,450

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

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