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Home»EXCHANGE NEWS»Ethereum price pulls back from $3K, but bulls are still in charge.
EXCHANGE NEWS

Ethereum price pulls back from $3K, but bulls are still in charge.

By Crypto FlexsFebruary 22, 20243 Mins Read
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Ethereum price pulls back from K, but bulls are still in charge.
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Ethereum price surged above the $3,000 resistance level before the downtrend began. ETH is correcting its uptrend, but the decline may be limited below the $2,865 support.

  • Ethereum adjusted lower after struggling to stay above the $3,000 level.
  • The price is trading above $2,900 and the 100-hour simple moving average.
  • The hourly chart of ETH/USD (data feed via Kraken) has a bearish trend line connected to the resistance at $2,950.
  • Unless the bears push the price below $2,865, the pair could start a new rally.

Ethereum price is lower

Ethereum price continued its upward trend above the $3,000 resistance zone. However, bears remained active above the $3,000 resistance. A new multi-week high was formed near $3,032 and the price began a downward correction like Bitcoin.

It moved below the $3,000 and $2,950 levels. The bulls are now active above the $2,865 support. A low was formed around $2,865 and the price is currently attempting a new rise. There was recent movement above the 50% Fib retracement level from the $3,032 swing high to the $2,865 low.

Ethereum is currently trading above $2,900 and the 100-hour simple moving average. Immediate upside resistance is near the $2,950 level. Additionally, on the hourly chart of ETH/USD, there is a bearish trend line connecting with resistance at $2,950.

The first major resistance is near the $2,975 level or the 61.8% Fib retracement level of the recent decline from the $3,032 swing high to the $2,865 low.

Source: ETHUSD on TradingView.com

The next major resistance is near $3,000, above which the price could rise to test the $3,065 resistance area. A move above the $3,065 resistance may lead to a rebound for Ethereum towards the $3,185 resistance. A test of $3,220 may be needed for further gains.

Will there be more losses in ETH?

If Ethereum fails to clear the $2,975 resistance, another downward correction could begin. Initial support on the downside is near the $2,900 level and the 100-hourly simple moving average.

The first major support is near the $2,865 level. The next major support could be the $2,820 zone. A clear move below the $2,820 support could lead the price towards $2,740. More losses could push the price towards the $2,720 level in the next session.

technical indicators

Hourly MACD – ETH/USD MACD is losing momentum in the bullish zone.

RSI per hour – The RSI for ETH/USD is now close to the 50 level.

Key Support Level – $2,900

Key Resistance Level – $2,975

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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