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Home»EXCHANGE NEWS»Ethereum price signals an exhausting uptrend, but a downside could be attractive.
EXCHANGE NEWS

Ethereum price signals an exhausting uptrend, but a downside could be attractive.

By Crypto FlexsFebruary 12, 20243 Mins Read
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Ethereum price signals an exhausting uptrend, but a downside could be attractive.
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Ethereum price is struggling to clear resistance at $2,550. ETH could begin a downward correction if it falls below the $2,475 support.

  • Ethereum is consolidating gains below the $2,550 resistance zone.
  • The price is trading above $2,480 and the 100-hour simple moving average.
  • On the ETH/USD hourly chart (data feed via Kraken), a break occurred below the connecting bullish trendline with support at $2,515.
  • If it stays above the $2,475 support, it could start a new rally.

Ethereum price remains supported

Ethereum price continued to rise after breaking the resistance level of $2,420. ETH has surpassed $2,450 and $2,500 but has underperformed Bitcoin. Finally, weakness emerged near the $2,550 area.

The highest price was reached around $2,536 and the price continues to rise. It fell slightly below the $2,500 level. Additionally, a break occurred below the bullish trendline supporting $2,515 on the hourly chart of ETH/USD.

Ethereum is still trading above the 23.6% Fib retracement level, having recently increased from the $2,282 swing low to the $2,536 high. It is also trading above $2,480 and the 100-hour simple moving average.

If there is a new price increase, the price could surge above the $2,520 level. On the positive side, the first major resistance is near the $2,550 level. The next major resistance is near $2,620, above which the price could rise to test the $2,680 resistance.

Source: ETHUSD on TradingView.com

If the uptrend continues, the price may rise above the $2,750 resistance. If specified, the price could rise to the $2,800 level.

Are dips supported on ETH?

If Ethereum fails to clear resistance at $2,550, a downward correction could begin. Initial support on the downside is near the $2,475 level and the 100-hourly SMA.

The next major support could be the $2,460 zone. A clear break below the $2,460 support could lead the price towards $2,400 or the 50% Fib retracement level of the recent increase from the $2,282 swing low to the $2,536 high. The main assistance amount could be $2,380. Any more losses could push the price down to the $2,280 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 – $2,475

Key Resistance Level – $2,550

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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