Ethereum

Resistance

Ethereum price is up over 5% and there was a push toward $2,700. ETH is consolidating gains and might aim for a move toward $2,800 or $3,000. 
<ul> 
 <li>Ethereum is consolidating gains below the $2,700 resistance zone.</li> 
 <li>The price is trading above $2,600 and the 100-hourly Simple Moving Average.</li> 
 <li>There was a break above a bullish flag pattern with resistance at $2,500 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could start a fresh increase if it stays above the $2,630 support zone.</li> 
</ul> 
<h2 id="ethereum-price-starts-fresh-surge">Ethereum Price Starts Fresh Surge</h2> 
Ethereum price remained stable above the $2,420 resistance. ETH formed a base and started a fresh increase above the $2,500 resistance, outperforming <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-revisits-50k/" target="_blank" rel="noopener ">Bitcoin</a>. 
There was a break above a bullish flag pattern with resistance at $2,500 on the hourly chart of ETH/USD. The pair gained over 5% and there was a clear move above the $2,600 resistance. It even moved toward the $2,700 level. A high was formed near $2,681 and the price is now consolidating gains. 
There was a minor decline below the $2,660 level. Ethereum is still trading above the 23.6% Fib retracement level of the recent rally from the $2,472 swing low to the $2,681 high. It is also trading above $2,620 and the <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-signals-exhaustion-2550/" target="_blank" rel="noopener ">100-hourly Simple Moving Average</a>. 
If there is a fresh increase, the price could surge above the $2,660 level. On the upside, the first major resistance is near the $2,680 level. The next major resistance is near $2,720, above which the price might rise and test the $2,800 resistance. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_e03076.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-574789" src="https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_e03076.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_e03076.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_e03076.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_e03076.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_e03076.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_e03076.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_e03076.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_e03076.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
Source: <a href="https://www.tradingview.com/symbols/ETHUSD/" target="_blank" rel="noopener nofollow">ETHUSD on TradingView.com</a> 
If the bulls remain in action, they could even push the price above the $2,800 resistance. In the stated case, the price could rise toward the $3,000 level. 
<h2 id="are-dips-limited-in-eth">Are Dips Limited In ETH?</h2> 
If Ethereum fails to clear the $2,680 resistance, it could start a downside correction. Initial support on the downside is near the $2,630 level. 
The next key support could be the $2,600 zone. A clear move below the $2,600 support might send the price toward $2,575 or the 50% Fib retracement level of the recent rally from the $2,472 swing low to the $2,681 high. The main support could be $2,520 or the 100 hourly SMA. Any more losses might send the price toward the $2,400 level. 
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 above the 50 level. 
Major Support Level – $2,630 
Major Resistance Level – $2,680

Ethereum Price Rallies 5%, Why ETH Bulls Could Aim For $3K This Month

Table of Contents

NewsBTC

Other articles published on Feb 13, 2024

Harambe Token Presale Soars While Cathie Woods Target 1,100% BTC Gain

Binance Payments Partner Banxa Makes Debut on UK Crypto Register

XRP 'Cursed' by Max Keiser – It 'Goes to Zero Against Bitcoin'

Wall Street Heavyweights Are Now BTC Whales: Is Bitcoin Losing Its Soul?

The original dragon coin on Sol SOLONG - Presale live on Pinksale

Crypto Market Price Analysis Today: Ethereum (ETH), Aptos (APT), Internet Computer (ICP), Optimis...

Join our free newsletter for daily crypto updates!