Ethereum

Test

Strong

Resistance

Ethereum price is gaining bullish momentum above the $2,700 support. ETH remains supported and eyes more upsides toward the $3,000 resistance.
<ul>
 <li>Ethereum is consolidating gains above the $2,770 support zone.</li>
 <li>The price is trading above $2,780 and the 100-hourly Simple Moving Average.</li>
 <li>There is a key bullish trend line forming with support at $2,700 on the hourly chart of ETH/USD (data feed via Kraken).</li>
 <li>The pair could continue to move up toward the $3,000 resistance zone.</li>
</ul>
<h2 id="ethereum-price-remains-in-strong-uptrend">Ethereum Price Remains In Strong Uptrend</h2>
Ethereum price remained well-bid above the $2,650 level. ETH settled above the $2,700 barrier to move further into a positive zone, like <a href="https://www.newsbtc.com/analysis/btc/will-bitcoin-bulls-hit-55k/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a>. The bulls were able to pump the price above the $2,750 and $2,800 levels.
A new multi-week high was formed near $2,826 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the recent rally from the $2,589 swing low to the $2,826 high. There is also a key bullish trend line forming with support at $2,700 on the hourly chart of ETH/USD.
Ethereum is now trading above $2,780 and the <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-2700-rally/" target="_blank" rel="noopener noreferrer nofollow">100-hourly Simple Moving Average</a>. Immediate resistance is near the $2,825 level. The first major resistance is near the $2,850 level. The next major resistance is near $2,880, above which the price might rise and test the $2,950 resistance.
<a href="https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_693c4a.png?resize=1024%2C461" rel="noopener noreferrer nofollow"><img loading="lazy" src="https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_693c4a.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461"></a>
Source: <a href="https://www.tradingview.com/symbols/ETHUSD/" target="_blank" rel="noopener noreferrer nofollow">ETHUSD on TradingView.com</a>
If the bulls push the price above the $2,950 resistance, Ether could even spike above the $3,000 resistance. In the stated case, the price could rise toward the $3,045 level.
<h2 id="are-dips-limited-in-eth">Are Dips Limited In ETH?</h2>
If Ethereum fails to clear the $2,825 resistance, it could start a downside correction. Initial support on the downside is near the $2,770 level.
The next key support could be the $2,725 zone. A clear move below the $2,725 support might send the price toward the trend line at $2,700 or the 50% Fib retracement level of the recent rally from the $2,589 swing low to the $2,826 high. The main support could be $2,640 or the 100 hourly SMA. Any more losses might send the price toward the $2,550 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 – $2,700
Major Resistance Level – $2,880

Ethereum Bulls Keep Pushing, Why ETH Could Soon Test $3K

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