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Home»EXCHANGE NEWS»Ethereum price is poised to reach $3.5K after Bitcoin rally surpasses $60K.
EXCHANGE NEWS

Ethereum price is poised to reach $3.5K after Bitcoin rally surpasses $60K.

By Crypto FlexsFebruary 28, 20243 Mins Read
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Ethereum price is poised to reach .5K after Bitcoin rally surpasses K.
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The price of Ethereum has hit a multi-month high above $3,300. ETH is showing strength and Bitcoin is rising at a rate above the $60,000 resistance level.

  • Ethereum expanded its gains above the $3,300 resistance zone.
  • The price is trading above $3,250 and the 100-hour simple moving average.
  • The hourly chart of ETH/USD (data feed via Kraken) has a bullish trendline connected to support at $3,320.
  • In the short term, it could extend the upside to $3,420 or even $3,500.

Ethereum price is lower than Bitcoin

Ethereum price began another steady rise from the $3,150 support zone. ETH moved further into positive territory by clearing the $3,220 and $3,250 resistance levels.

However, Bitcoin performed better and rose significantly above the $58,000 resistance level. It soared more than 10% and surpassed the $60,000 level. Ether also managed to pump above $3,300. A new multi-week high was formed near $3,368 and the price is now continuing its upward trend.

It is trading above the 23.6% Fib retracement level of the bullish wave from the $3,206 swing low to the $3,368 high. Additionally, on the hourly chart of ETH/USD, there is a connecting bullish trendline with support at $3,320.

Ethereum is currently trading above $3,250 and the 100-hour simple moving average. Immediate upside resistance is near the $3,365 level. The first major resistance is near the $3,420 level. The next major resistance level is near $3,450, above which the price could gain upward momentum.

Source: ETHUSD on TradingView.com

In case of a move above the $3,500 resistance, Ethereum may rebound towards the $3,650 resistance. A test of $3,800 may be needed for further gains.

Fixing ETH’s shortcomings?

If Ethereum fails to clear the $3,365 resistance, a downward correction could begin. Initial support for the downside is near the $3,320 level.

The first major support is near the $3,280 area and the 61.8% Fib retracement level of the upward wave from the $3,206 swing low to the $3,368 high. The next major support could be the $3,160 zone. A clear decline below the $3,160 support could lead the price towards $3,120. Any more losses could push the price down to the $3,050 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 – $3,265

Key Resistance Level – $3,365

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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