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Home»EXCHANGE NEWS»A larger rally could be triggered if Ethereum price closes above $2,700.
EXCHANGE NEWS

A larger rally could be triggered if Ethereum price closes above $2,700.

By Crypto FlexsFebruary 14, 20243 Mins Read
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A larger rally could be triggered if Ethereum price closes above ,700.
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Ethereum price is consolidating gains above the $2,575 support. ETH could begin a major rally if it closes above the $2,700 resistance level.

  • Ethereum is consolidating gains above the $2,575 support area.
  • The price is trading above $2,620 and the 100-hour simple moving average.
  • The hourly chart of ETH/USD (data feed via Kraken) shows a short-term breakout pattern forming with resistance at $2,640.
  • If it stays above the $2,575 support area, it could start a new rally.

Ethereum price aims for another increase.

Ethereum price surpassed the $2,600 level and was trading near the $2,700 resistance zone. ETH traded as high as $2,681 before beginning a downward correction.

It moved below the $2,640 and $2,620 levels. The price fell below the 23.6% Fib retracement level, rising from the $2,472 swing low to the $2,681 high, similar to Bitcoin. However, the uptrend was active near $2,600.

Ethereum found support at $2,600 and is currently attempting a fresh hike. It is currently trading above $2,620 and the 100-hour simple moving average.

Immediate resistance is near the $2,640 level. There is also a short-term breakout pattern on the hourly chart of ETH/USD with resistance forming at $2,640. The first major resistance is near the $2,680 level. The next major resistance is near $2,720, above which the price could rise to test the $2,800 resistance.

Source: ETHUSD on TradingView.com

If the uptrend continues, the price may rise above the $2,800 resistance. If specified, the price could go up to the $3,000 level.

Another drop in ETH?

If Ethereum fails to clear the $2,640 resistance, it could begin another downtrend. Initial support for the downside is near the $2,620 level.

The next major support could be the $2,600 zone. A clear move below the $2,600 support could point the price toward $2,575 or the 50% Fib retracement level rising from the $2,472 swing low to the $2,681 high. Key support could be $2,550 or the 100-hour SMA. Any more losses could push the price down to the $2,440 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 – $2,600

Key Resistance Level – $2,640

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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