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Home»EXCHANGE NEWS»Ethereum price rally is halted as Bitcoin pumps, but the bulls are not done yet.
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Ethereum price rally is halted as Bitcoin pumps, but the bulls are not done yet.

By Crypto FlexsFebruary 27, 20243 Mins Read
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Ethereum price rally is halted as Bitcoin pumps, but the bulls are not done yet.
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The price of Ethereum has hit a multi-month high above $3,200. ETH is consolidating and Bitcoin is gaining speed above the $55,000 resistance level.

  • Ethereum expanded its gains above the $3,200 resistance zone.
  • The price is trading above $3,175 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 $3,150.
  • In the short term, it could extend the upside to $3,320 or even $3,450.

Ethereum price is lower than Bitcoin

Ethereum price remained in positive territory and extended its gains above the $3,050 resistance line. ETH broke above the $3,200 resistance level, but its gains were curbed after Bitcoin surged past $55,000.

Ethereum even surged above $3,250. A new multi-week high was formed near $3,274 and the price is currently on an upward trend. It is trading above the 23.6% Fib retracement level, rising from the $3,041 swing low to the $3,274 high.

Additionally, there is a major bullish trendline on the hourly chart of ETH/USD with support at $3,150. The trend line is close to the 61.8% Fib retracement level rising from the $3,041 swing low to the $3,274 high.

Ethereum is currently trading above $3,175 and the 100-hour simple moving average. Immediate upside resistance is near the $3,250 level. The first major resistance is near the $3,275 level. The next major resistance level is near $3,320, above which the price could gain upward momentum.

Source: ETHUSD on TradingView.com

In case of a move above the $3,400 resistance, Ethereum may rebound towards the $3,450 resistance. A test of $3,500 may be needed to see more profits.

Are dips limited in ETH?

If Ethereum fails to clear the $3,250 resistance, a downward correction could begin. Initial support for the downside is near the $3,200 level.

The first major support is near the $3,150 zone and trend line, below which Ether may test $3,130. The next major support could be the $3,100 zone. A clear move below the $3,100 support could lead the price towards $3,050 or the 100-hourly simple moving average. Any more losses could push the price down to the $2,880 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 – $3,150

Key Resistance Level – $3,250

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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