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Home»EXCHANGE NEWS»Ethereum Bulls Keep Pushing On and Why ETH Could Test $3K Soon
EXCHANGE NEWS

Ethereum Bulls Keep Pushing On and Why ETH Could Test $3K Soon

By Crypto FlexsFebruary 15, 20243 Mins Read
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Ethereum Bulls Keep Pushing On and Why ETH Could Test K Soon
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Ethereum price is showing strength above the $2,700 support level. ETH still finds support and is looking at further upside towards the $3,000 resistance.

  • Ethereum is consolidating gains above the $2,770 support area.
  • The price is trading above $2,780 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 $2,700.
  • The pair may continue to rise towards the $3,000 resistance zone.

Ethereum price still maintains strong upward trend

Ethereum price remained well above the $2,650 level. ETH settled above the $2,700 barrier to move further into positive territory like Bitcoin. The bulls were able to push the price above the $2,750 and $2,800 levels.

A new multi-week high was made near $2,826 and the price is currently on an upward trend. It is trading above the 23.6% Fib retracement level of the recent rally’s $2,589 swing low to $2,826 high. Additionally, on the hourly chart of ETH/USD, there is a major bullish trendline with support at $2,700.

Ethereum is currently trading above $2,780 and the 100-hour simple moving average. Immediate resistance is near the $2,825 level. The first major resistance is near the $2,850 level. The next major resistance is near $2,880, above which the price could rise to test the $2,950 resistance.

Source: ETHUSD on TradingView.com

If bulls push the price above the $2,950 resistance, Ether may surge above the $3,000 resistance. If stated, the price could rise to the $3,045 level.

Are dips limited in ETH?

If Ethereum fails to clear the $2,825 resistance, a downward correction could begin. Initial support for the downside is near the $2,770 level.

The next major support could be in the $2,725 area. A clear move below the $2,725 support could lead the price towards the $2,700 trend line or the 50% Fib retracement level of the recent rally from the $2,589 low to the $2,826 high. Key support could be at $2,640 or the 100-hour SMA. Any more losses could push the price down to the $2,550 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 – $2,700

Key Resistance Level – $2,880

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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