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Home»EXCHANGE NEWS»Ethereum Price Rises 5%, Why ETH Bulls Could Target $3,000 This Month
EXCHANGE NEWS

Ethereum Price Rises 5%, Why ETH Bulls Could Target $3,000 This Month

By Crypto FlexsFebruary 13, 20243 Mins Read
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Ethereum Price Rises 5%, Why ETH Bulls Could Target ,000 This Month
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Ethereum price rose more than 5% and headed towards $2,700. ETH is consolidating gains and could target a move towards $2,800 or $3,000.

  • Ethereum is consolidating gains below the $2,700 resistance zone.
  • The price is trading above $2,600 and the 100-hour simple moving average.
  • On the hourly chart of ETH/USD (data feed via Kraken), a breakout occurred above a bullish flag pattern with resistance at $2,500.
  • If it stays above the $2,630 support area, it could start a new rally.

Ethereum price begins a new surge

Ethereum price remained stable above the $2,420 resistance level. ETH outperformed Bitcoin by forming a base and starting a new rally above the $2,500 resistance level.

On the ETH/USD hourly chart, a breakout occurred above a bullish flag pattern with resistance at $2,500. The pair rose more than 5% and there was a clear move above the $2,600 resistance. It even rose to the $2,700 level. The highest price was reached around $2,681 and the price continues to rise.

It fell slightly below the $2,660 level. Ethereum is still trading above the 23.6% Fib retracement level of the recent rally from the $2,472 swing low to the $2,681 high. It is also trading above $2,620 and the 100-hour simple moving average.

Any new increases could send prices skyrocketing above the $2,660 level. On the positive side, the first major resistance is near the $2,680 level. The next major resistance is near $2,720, above which the price could rise to test the $2,800 resistance.

Source: ETHUSD on TradingView.com

If the uptrend continues, the price may rise above the $2,800 resistance. If specified, the price could go up to the $3,000 level.

Are dips limited in ETH?

If Ethereum fails to clear the resistance at $2,680, a downward correction could begin. Initial support for the downside is near the $2,630 level.

The next major support could be the $2,600 zone. A clear move below the $2,600 support could push the price down to $2,575 or the 50% Fib retracement level of the recent rally from the $2,472 low to the $2,681 high. Key support could be at $2,520 or the 100-hour SMA. Any more losses could push the price down to the $2,400 level.

technical indicators

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

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

Key Support Level – $2,630

Key Resistance Level – $2,680

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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