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Home»EXCHANGE NEWS»Ethereum price rises to $3,200 and the bulls are just getting started.
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Ethereum price rises to $3,200 and the bulls are just getting started.

By Crypto FlexsFebruary 26, 20243 Mins Read
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Ethereum price rises to ,200 and the bulls are just getting started.
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Ethereum price is surpassing Bitcoin by over $3,000. ETH is showing bullish signs and may soon break above the $3,200 resistance level.

  • Ethereum started a new rally above the $3,000 resistance zone.
  • The price is trading above $3,050 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 $3,080.
  • In the short term, it could extend the upside to $3,200 or even $3,250.

Ethereum price surpasses Bitcoin

Ethereum price remained stable above the $2,880 support zone. ETH formed a base and started a new rise above the $3,000 resistance. It rose nearly 5% and outperformed Bitcoin.

A new multi-week high was formed near $3,121 and the price is currently on an upward trend. It is trading above the 23.6% Fib retracement level of the bullish wave from the $2,907 swing low to the $3,121 high. Additionally, on the hourly chart of ETH/USD, there is a major bullish trendline with support at $3,080.

Ethereum is currently trading above $3,085 and the 100-hour simple moving average. Immediate upside resistance is near the $3,120 level. The first major resistance is near the $3,150 level.

Source: ETHUSD on TradingView.com

The next major resistance level is near $3,200, above which the price could gain upward momentum. A move above the $3,200 resistance may cause Ethereum to rebound towards the $3,280 resistance. A test of $3,320 may be needed for further gains.

Are dips supported on ETH?

If Ethereum fails to clear the resistance at $3,120, a downward correction could begin. Initial support for the downside is near the $3,080 level and trendline.

The first major support is near $3,000. This is close to the 50% Fib retracement level of the upward wave from the $2,907 low to the $3,121 high. Below this level, Ether may test the 100-hour simple moving average. The next major support could be the $2,960 zone. A clear decline below the $2,960 support could lead the price towards $2,920. Any more losses could push the price down to the $2,860 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 – $3,000

Key Resistance Level – $3,120

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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