ethereum price rose to a new multi-month high above $3,200. eth is consolidating while bitcoin is gaining pace above the $55,000 resistance.
- ethereum extended its rise above the $3,200 resistance zone.
- The price is trading above $3,175 and the 100 hourly simple moving average.
- A key bullish trend line is forming with support at $3,150 on the hourly chart of eth/USD (data via Kraken).
- The pair could extend its rise towards $3,320 or even $3,450 in the near term.
ethereum Price Underperforms bitcoin
ethereum price remained in a positive zone and extended its rise above the $3,050 resistance. eth broke through the $3,200 resistance, but the gains were contained after bitcoin surpassed $55,000.
Ether even surpassed $3,250. A new multi-week high forms near $3274 and the price is now consolidating gains. It is trading above the 23.6% Fibonacci retracement level of the upward move from the low of $3,041 to the high of $3,274.
There is also a key bullish trend line forming with support at $3,150 on the hourly chart of eth/USD. The trend line is near the 61.8% Fibonacci retracement level of the upward move from the low of $3,041 to the high of $3,274.
ethereum is now trading above $3,175 and the 100 hourly simple moving average. The immediate resistance on the upside is near the $3,250 level. The first major resistance is near the $3,275 level. The next major resistance is near $3,320, above which the price could gain bullish momentum.
<img decoding="async" class="alignnone size-full wp-image-577015" src="https://technicalterrence.com/wp-content/uploads/2024/02/Ethereum-Price-Rally-Halts-as-Bitcoin-Pumps-But-Bulls-Aren39t.png" alt="ethereum Price” width=”1024″ height=”461″ srcset=”https://technicalterrence.com/wp-content/uploads/2024/02/Ethereum-Price-Rally-Halts-as-Bitcoin-Pumps-But-Bulls-Aren39t.png?w=1835 1835w, https://technicalterrence.com/wp-content/uploads/2024/02/Ethereum-Price-Rally-Halts-as-Bitcoin-Pumps-But-Bulls-Aren39t.png?w=460 460w, https://technicalterrence.com/wp-content/uploads/2024/02/Ethereum-Price-Rally-Halts-as-Bitcoin-Pumps-But-Bulls-Aren39t.png?w=768 768w, https://technicalterrence.com/wp-content/uploads/2024/02/Ethereum-Price-Rally-Halts-as-Bitcoin-Pumps-But-Bulls-Aren39t.png?w=860 860w, https://technicalterrence.com/wp-content/uploads/2024/02/Ethereum-Price-Rally-Halts-as-Bitcoin-Pumps-But-Bulls-Aren39t.png?w=1536 1536w, https://technicalterrence.com/wp-content/uploads/2024/02/Ethereum-Price-Rally-Halts-as-Bitcoin-Pumps-But-Bulls-Aren39t.png?w=750 750w, https://technicalterrence.com/wp-content/uploads/2024/02/Ethereum-Price-Rally-Halts-as-Bitcoin-Pumps-But-Bulls-Aren39t.png?w=1140 1140w” sizes=”(max-width: 1000px) 100vw, 1000px” loading=”lazy” data-recalc-dims=”1″/>
Fountain: ETHUSD on TradingView.com
If there is a move above the $3,400 resistance, Ether could even rally towards the $3,450 resistance. Any additional winnings could require proof of $3,500.
Are drops in eth limited?
If ethereum fails to overcome the $3,250 resistance, it could start a downward correction. Initial support on the downside is near the $3200 level.
The first major support is near the $3,150 zone and the trend line, below which Ether could test $3,130. The next key support could be the $3,100 zone. A clear move below the $3,100 support could send the price towards $3,050 or the 100 hourly simple moving average. Any further losses could send the price towards the $2,880 level.
Technical Indicators
MACD hourly – The MACD for eth/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for eth/USD is now above the 50 level.
Main Support Level: $3,150
Main Resistance Level: $3250
Disclaimer: The article is provided for educational purposes only. It does not represent NewsBTC's views on whether to buy, sell or hold investments, and investing naturally carries risks. It is recommended that you conduct your own research before making any investment decisions. Use the information provided on this website at your own risk.
