ethereum price is showing positive signs above the $2,850 support. eth sees further gains and could rise towards the $3,000 resistance zone.
- ethereum is slowly moving above the $2,800 support zone.
- The price is trading above $2,850 and the 100 hourly simple moving average.
- A key bullish trend line is forming with support at $2,910 on the hourly chart of eth/USD (data via Kraken).
- The pair could continue rising towards the $3,000 resistance zone.
ethereum price remains supported
ethereum price remained well bid and slowly rose above the $2,850 level. eth even surpassed the $2,920 resistance zone and outperformed bitcoin.
However, there was no test of the $3,000 resistance zone. A new multi-week high forms near $2,984 and the price is now consolidating gains. Ether is holding steady near the 23.6% Fibonacci retracement level of the recent wave from the low of $2,723 to the high of $2,984.
There is also a key bullish trend line forming with support at $2,910 on the hourly chart of eth/USD. ethereum is now trading above $2,850 and the 100 hourly simple moving average.
The immediate resistance on the upside is near the $2,940 level. The first major resistance is near the $2,985 level. The next major resistance is near $3,000, above which the price could rise and test the $3,050 resistance zone.
<img decoding="async" class="alignnone size-full wp-image-575925" src="https://technicalterrence.com/wp-content/uploads/2024/02/Ethereum-Price-Rises-Can-ETH-Bulls-Reach-3K-Milestone.png" alt="ethereum Price ” width=”1024″ height=”461″ srcset=”https://technicalterrence.com/wp-content/uploads/2024/02/Ethereum-Price-Rises-Can-ETH-Bulls-Reach-3K-Milestone.png?w=1835 1835w, https://technicalterrence.com/wp-content/uploads/2024/02/Ethereum-Price-Rises-Can-ETH-Bulls-Reach-3K-Milestone.png?w=460 460w, https://technicalterrence.com/wp-content/uploads/2024/02/Ethereum-Price-Rises-Can-ETH-Bulls-Reach-3K-Milestone.png?w=768 768w, https://technicalterrence.com/wp-content/uploads/2024/02/Ethereum-Price-Rises-Can-ETH-Bulls-Reach-3K-Milestone.png?w=860 860w, https://technicalterrence.com/wp-content/uploads/2024/02/Ethereum-Price-Rises-Can-ETH-Bulls-Reach-3K-Milestone.png?w=1536 1536w, https://technicalterrence.com/wp-content/uploads/2024/02/Ethereum-Price-Rises-Can-ETH-Bulls-Reach-3K-Milestone.png?w=750 750w, https://technicalterrence.com/wp-content/uploads/2024/02/Ethereum-Price-Rises-Can-ETH-Bulls-Reach-3K-Milestone.png?w=1140 1140w” sizes=”(max-width: 1000px) 100vw, 1000px” loading=”lazy” data-recalc-dims=”1″/>
Fountain: ETHUSD on TradingView.com
If the bulls push the price above the $3,050 resistance, Ether could even rise towards the $3,120 resistance. In the indicated case, the price could rise towards the $3250 level in the short term. Any additional winnings could require a test of $3,350.
Downward correction in eth?
If ethereum fails to overcome the $2,940 resistance, it could start a downward correction. Initial support on the downside is near the $2,910 level and the trend line zone.
The next key support could be the $2,850 zone or the 50% Fibonacci retracement level of the recent wave from the low of $2,723 to the high of $2,984. A clear move below the $2,850 support could send the price towards $2,840 or the 100 hourly simple moving average. The main support could be $2,780. Any further losses could send the price towards the $2,720 level in the coming sessions.
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: $2,850
Main Resistance Level: $2,940
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.