Ethereum

Bitcoin

Resistance

Ethereum price is outperforming Bitcoin with a move above $3,000. ETH is showing bullish signs and might soon climb above the $3,200 resistance. 
<ul> 
 <li>Ethereum started a fresh increase above the $3,000 resistance zone.</li> 
 <li>The price is trading above $3,050 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a key bullish trend line forming with support at $3,080 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could extend its increase toward $3,200 or even $3,250 in the near term.</li> 
</ul> 
<h2 id="ethereum-price-outperforms-bitcoin">Ethereum Price Outperforms Bitcoin</h2> 
Ethereum price remained stable above the $2,880 support zone. ETH formed a base and started a fresh increase above the $3,000 resistance. It gained nearly 5% and outperformed <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-stuck-52k/" target="_blank" rel="noopener ">Bitcoin</a>. 
A new multi-week high is formed near $3,121 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward wave from the $2,907 swing low to the $3,121 high. There is also a key bullish trend line forming with support at $3,080 on the hourly chart of ETH/USD. 
Ethereum is now trading above $3,085 and the <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-eth-surge-3200/" target="_blank" rel="noopener ">100-hourly Simple Moving Average</a>. Immediate resistance on the upside is near the $3,120 level. The first major resistance is near the $3,150 level. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_511c90.png?resize=1024%2C461"><img decoding="async" class="alignnone size-full wp-image-576794" src="https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_511c90.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_511c90.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_511c90.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_511c90.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_511c90.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_511c90.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_511c90.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_511c90.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> 
The next major resistance is near $3,200, above which the price might gain bullish momentum. If there is a move above the $3,200 resistance, Ether could even rally toward the $3,280 resistance. Any more gains might call for a test of $3,320. 
<h2 id="are-dips-supported-in-eth">Are Dips Supported In ETH?</h2> 
If Ethereum fails to clear the $3,120 resistance, it could start a downside correction. Initial support on the downside is near the $3,080 level and the trend line. 
The first major support is near the $3,000 zone. It is close to the 50% Fib retracement level of the upward wave from the $2,907 swing low to the $3,121 high, below which Ether might test the 100-hourly Simple Moving Average. The next key support could be the $2,960 zone. A clear move below the $2,960 support might send the price toward $2,920. Any more losses might send the price toward the $2,860 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 – $3,000 
Major Resistance Level – $3,120

Ethereum Price Climbs Toward $3,200 And Bulls Are Just Getting Started

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