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Home»EXCHANGE NEWS»Ethereum price surges to $2,450 as bulls dominate cryptocurrency market
EXCHANGE NEWS

Ethereum price surges to $2,450 as bulls dominate cryptocurrency market

By Crypto FlexsFebruary 8, 20243 Mins Read
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Ethereum price surges to ,450 as bulls dominate cryptocurrency market
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Ethereum price gained traction and rose above $2,400. ETH is currently showing bullish signals and could extend its gains towards the $2,550 level.

  • Ethereum is gaining bullish momentum above the $2,380 area.
  • The price is trading above $2,350 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 $2,400.
  • The pair may correct lower, but the bulls may become active near the $2,400 support.

Ethereum price rising

Ethereum price remained strong above the $2,250 level. ETH started another Bitcoin-like increase and was able to clear a few key hurdles near $2,350.

The price broke above the $2,400 level and tested the $2,450 resistance. A high was reached near $2,449 and the price is currently on an upward trend. It is trading above the 23.6% Fib retracement level of the recent surge from the low of $2,353 to the high of $2,449.

Ethereum is also trading above $2,350 and the 100-hour simple moving average. Moreover, there is a major bullish trendline on the hourly chart of ETH/USD with support at $2,400. The trend line is close to 50% of the Fib retracement level of the recent surge from the $2,353 swing low to the $2,449 high.

On the positive side, the first major resistance is near the $2,450 level. The next major resistance is near $2,500, above which the price may rise to test the $2,550 resistance.

Source: ETHUSD on TradingView.com

If the bulls remain active, the price may rise above the $2,620 resistance. If specified, the price could rise to the $2,700 level.

Are dips limited in ETH?

If Ethereum fails to clear resistance at $2,450, a downward correction could begin. Initial support for the downside is near the $2,425 level.

The next major support could be the $2,400 zone or the trend line. A clear move below the $2,400 support could lead the price towards $2,375. The main assistance amount could be $2,350. Any more losses could push the price down to the $2,240 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 – $2,375

Key Resistance Level – $2,450

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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