Ethereum

Rally

Resistance

Ethereum price is consolidating gains above the $2,575 support. ETH could start a major rally if there is a close above the $2,700 resistance. 
<ul> 
 <li>Ethereum is consolidating gains above the $2,575 support zone.</li> 
 <li>The price is trading above $2,620 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a short-term breakout pattern forming with resistance at $2,640 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 $2,575 support zone.</li> 
</ul> 
<h2 id="ethereum-price-eyes-another-increase">Ethereum Price Eyes Another Increase</h2> 
Ethereum price gained pace above the $2,600 level and traded close to the <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-rallies-2700/" target="_blank" rel="noopener ">$2,700 resistance zone</a>. ETH traded as high as $2,681 before it started a downside correction. 
There was a move below the $2,640 and $2,620 levels. The price declined below the 23.6% Fib retracement level of the upward move from the $2,472 swing low to the $2,681 high, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-holds-support-48250/" target="_blank" rel="noopener ">Bitcoin</a>. However, the bulls were active near the $2,600 zone. 
Ethereum found support at $2,600 and is currently attempting a fresh increase. It is now trading above $2,620 and the 100-hourly Simple Moving Average. 
Immediate resistance is near the $2,640 level. There is also a short-term breakout pattern forming with resistance at $2,640 on the hourly chart of ETH/USD. 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_b15ff5.png?resize=1024%2C461"><img decoding="async" class="alignnone size-full wp-image-574968" src="https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_b15ff5.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_b15ff5.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_b15ff5.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_b15ff5.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_b15ff5.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_b15ff5.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_b15ff5.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_b15ff5.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" loading="lazy" 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="another-decline-in-eth">Another Decline In ETH?</h2> 
If Ethereum fails to clear the $2,640 resistance, it could start another decline. Initial support on the downside is near the $2,620 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 upward move from the $2,472 swing low to the $2,681 high. The main support could be $2,550 or the 100 hourly SMA. Any more losses might send the price toward the $2,440 level. 
Technical Indicators 
Hourly MACD – 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. 
Major Support Level – $2,600 
Major Resistance Level – $2,640

Ethereum Price Close Above $2,700 Could Spark Larger Degree Rally

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