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Home»EXCHANGE NEWS»Ethereum price indicates potential for strength to reach $3K.
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Ethereum price indicates potential for strength to reach $3K.

By Crypto FlexsFebruary 16, 20243 Mins Read
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Ethereum price indicates potential for strength to reach K.
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Ethereum price is showing bullish signs above the $2,720 support line. ETH is looking for further gains and may surge towards the $3,000 resistance zone.

  • Ethereum is consolidating gains above the $2,780 support area.
  • The price is trading above $2,800 and the 100-hour simple moving average.
  • The hourly chart of ETH/USD (data feed via Kraken) shows two bullish trend lines forming with support at $2,825 and $2,780.
  • The pair may continue to rise towards the $3,000 resistance zone.

Ethereum price gains more.

Ethereum price rose above the $2,750 pivot level. ETH bulls were able to push the price above the $2,800 resistance zone. Even before the decline, the price surged above $2,850.

A new multi-week high was reached at $2,869 before a Bitcoin-like downward correction. There was a slight movement below the $2,850 level. Ethereum fell below the 23.6% Fib retracement level of the recent wave from the $2,728 swing low to the $2,869 high.

The bulls are now active above the $2,800 level. Ethereum is currently trading above $2,800 and the 100-hour simple moving average. Additionally, on the hourly chart of ETH/USD, there are two bullish trend lines supporting $2,825 and $2,780.

Immediate resistance is near the $2,880 level. The first major resistance is near the $2,920 level. The next major resistance is near $2,940, above which the price could rise to test the $3,000 resistance.

Source: ETHUSD on TradingView.com

If the bulls push the price above the $3,000 resistance, Ethereum may rebound towards the $3,120 resistance. If specified, the price could rise to the $3,250 level.

Are dips supported on ETH?

If Ethereum fails to clear the $2,880 resistance, a downward correction could begin. Initial support for the downside is near the $2,825 level and the first trend line.

The next major support could be the $2,780 area or the second trend line. The $2,728 swing low to $2,869 high is close to the 61.8% Fib retracement level of the recent wave. A clear move below the $2,780 support could lead the price towards $2,720. Key support could be $2,700 or the 100-hour SMA. Any more losses could push the price down to the $2,600 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 – $2,780

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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