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Home»EXCHANGE NEWS»RSI indicates a surge to $3,000 is likely.
EXCHANGE NEWS

RSI indicates a surge to $3,000 is likely.

By Crypto FlexsFebruary 19, 20243 Mins Read
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RSI indicates a surge to ,000 is likely.
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Ethereum price is rising rapidly beyond the $2,800 support level. ETH is looking for further gains and may surge towards the $3,000 resistance zone.

  • Ethereum is consolidating gains above the $2,820 support area.
  • The price is trading above $2,850 and the 100-hour simple moving average.
  • The hourly chart of ETH/USD (data feed via Kraken) has a bullish trendline connected to support at $2,850.
  • The pair may continue to rise towards the $3,000 resistance zone.

Ethereum price rise reverses

Ethereum price remained stable and slowly rose above the $2,800 pivot level. ETH outperformed Bitcoin and rose to a new weekly high above the $2,850 level.

A new multi-week high was formed near $2,894 and the price is currently on an upward trend. Ethereum is stable above the 23.6% Fib retracement level of its recent move from the $2,722 swing low to the $2,894 high. Additionally, on the hourly chart of ETH/USD, there is a connecting bullish trendline with support at $2,850.

Ethereum is currently trading above $2,850 and the 100-hour simple moving average. Immediate upside resistance is near the $2,895 level. The first major resistance is near the $2,920 level. The next major resistance is near $2,940, above which the price could rise to test the $3,000 resistance area.

Source: ETHUSD on TradingView.com

If the bulls push the price above the $3,000 resistance, Ethereum may rebound towards the $3,120 resistance. If indicated, the price may rise to the $3,250 level in the near term. A test of $3,400 may be needed for further gains.

Fixing ETH’s shortcomings?

If Ethereum fails to clear the $2,895 resistance, a downward correction could begin. Initial support on the downside is near the $2,850 level and trendline area.

The next major support could be the $2,800 zone or the 50% Fib retracement level of the recent move from the $2,722 swing low to the $2,894 high. A clear move below the $2,800 support could lead the price towards $2,780 or the 100-hourly simple moving average. The main assistance amount could be $2,720. More losses could push the price towards the $2,640 level in the next session.

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 – $2,780

Key Resistance Level – $2,895

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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