Ethereum Price Retreats From $3K But Bulls Remain In Charge
22 February 2024 - 4:20PM
NEWSBTC
Ethereum price spiked above the $3,000 resistance before the bears
appeared. ETH is correcting gains, but dips might be limited below
the $2,865 support. Ethereum struggled to stay above the $3,000
level and corrected lower. The price is trading above $2,900 and
the 100-hourly Simple Moving Average. There is a connecting bearish
trend line forming with resistance at $2,950 on the hourly chart of
ETH/USD (data feed via Kraken). The pair could start a fresh
increase unless the bears push the price below $2,865. Ethereum
Price Corrects Lower Ethereum price extended its rally above the
$3,000 resistance zone. However, the bears were active above the
$3,000 resistance. A new multi-week high is formed near $3,032 and
the price started a downside correction, like Bitcoin. There was a
move below the $3,000 and $2,950 levels. The bulls are now active
above the $2,865 support. A low is formed near $2,865 and the price
is now attempting a fresh increase. There was a move above the 50%
Fib retracement level of the recent decline from the $3,032 swing
high to the $2,865 low. Ethereum is now trading above $2,900 and
the 100-hourly Simple Moving Average. Immediate resistance on the
upside is near the $2,950 level. There is also a connecting bearish
trend line forming with resistance at $2,950 on the hourly chart of
ETH/USD. The first major resistance is near the $2,975 level or the
61.8% Fib retracement level of the recent decline from the $3,032
swing high to the $2,865 low. Source: ETHUSD on TradingView.com The
next major resistance is near $3,000, above which the price might
rise and test the $3,065 resistance zone. If there is a move above
the $3,065 resistance, Ether could even rally toward the $3,185
resistance. Any more gains might call for a test of $3,220. More
Losses In ETH? If Ethereum fails to clear the $2,975 resistance, it
could start another downside correction. Initial support on the
downside is near the $2,900 level and the 100-hourly Simple Moving
Average. The first major support is near the $2,865 level. The next
key support could be the $2,820 zone. A clear move below the $2,820
support might send the price toward $2,740. Any more losses might
send the price toward the $2,720 level in the coming sessions.
Technical Indicators Hourly MACD – The MACD for ETH/USD is losing
momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is
now near the 50 level. Major Support Level – $2,900 Major
Resistance Level – $2,975
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