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Home»EXCHANGE NEWS»Can Ethereum Price Rise and ETH Bulls Hit the $3K Milestone?
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Can Ethereum Price Rise and ETH Bulls Hit the $3K Milestone?

By Crypto FlexsFebruary 20, 20243 Mins Read
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Can Ethereum Price Rise and ETH Bulls Hit the K Milestone?
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Ethereum price is showing positive signs above the $2,850 support level. ETH is looking for further gains and may surge towards the $3,000 resistance zone.

  • Ethereum is slowly rising above the $2,800 support zone.
  • The price is trading above $2,850 and the 100-hour simple moving average.
  • The hourly chart of ETH/USD (data feed via Kraken) shows a major bullish trendline forming around support at $2,910.
  • The pair may continue to rise towards the $3,000 resistance zone.

Ethereum price remains supported

Ethereum price remained at a healthy level and slowly rose above the $2,850 level. ETH broke through the $2,920 resistance zone and outperformed Bitcoin.

However, there was no test of the $3,000 resistance zone. A new multi-week high was made near $2,984 and the price is currently on an upward trend. Ethereum is stable near the 23.6% Fib retracement level of the recent wave from the $2,723 swing low to the $2,984 high.

Additionally, there is a major bullish trendline on the hourly chart of ETH/USD with support at $2,910. Ethereum is currently trading above $2,850 and the 100-hour simple moving average.

Immediate upside resistance is near the $2,940 level. The first major resistance is near the $2,985 level. The next major resistance is near $3,000, above which the price may rise to test the $3,050 resistance area.

Source: ETHUSD on TradingView.com

If the bulls push the price above the $3,050 resistance, Ethereum may rebound towards the $3,120 resistance. If indicated, the price may rise to the $3,250 level in the near term. A test of $3,350 may be needed for further gains.

Fixing ETH’s shortcomings?

If Ethereum fails to clear the $2,940 resistance, a downward correction could begin. Initial support on the downside is near the $2,910 level and trendline area.

The next major support could be the $2,850 zone or the 50% Fib retracement level of the recent wave from the $2,723 swing low to the $2,984 high. A clear move below the $2,850 support could lead the price towards $2,840 or the 100-hourly simple moving average. The main assistance amount could be $2,780. More losses could push the price towards the $2,720 level in the next session.

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 – $2,850

Key Resistance Level – $2,940

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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