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Home»EXCHANGE NEWS»Ethereum price hits $3,000, but the uptrend isn’t over yet
EXCHANGE NEWS

Ethereum price hits $3,000, but the uptrend isn’t over yet

By Crypto FlexsFebruary 21, 20243 Mins Read
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Ethereum price hits ,000, but the uptrend isn’t over yet
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Ethereum price rose further and broke the $3,000 resistance line. ETH is still showing positive signs and may extend its gains to $3,120.

  • Ethereum continued its upward trend above the $2,980 and $3,000 levels.
  • The price is trading above $3,000 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 $2,950.
  • The pair may continue to rise towards the $3,120 resistance zone.

Ethereum price rally extends

Ethereum price established a base above the $2,850 level and began another rise. ETH broke through the $2,920 resistance zone and outperformed Bitcoin. The price finally broke the $3,000 barrier.

A new multi-week high was made near $3,032 and the price is currently on an upward trend. Ethereum is stable near the 23.6% Fib retracement level, having recently increased from the $2,876 swing low to the $3,032 high. Additionally, on the hourly chart of ETH/USD, there is a major bullish trendline with support at $2,950.

Ethereum is currently trading above $3,000 and the 100-hour simple moving average. Immediate upside resistance is near the $3,040 level. The first major resistance is near the $3,065 level. The next major resistance is near $3,120, above which the price could rise to test the $3,220 resistance area.

Source: ETHUSD on TradingView.com

If there is a move above the $3,220 resistance, Ethereum may rebound towards the $3,350 resistance. A test of $3,500 may be needed to see more profits.

Fixing ETH’s shortcomings?

If Ethereum fails to clear the $3,040 resistance, a downward correction could begin. Initial support for the downside is near the $2,995 level.

The first major support is near the $2,950 level and trendline area. It is close to 50% of the Fib retracement level, which recently increased from the $2,876 swing low to the $3,032 high. The next major support could be the $2,910 zone. A clear move below the $2,910 support could lead the price towards $2,880 or the 100-hourly simple moving average. The main assistance amount could be $2,850. 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 – $2,950

Key Resistance Level – $3,040

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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