Ethereum

Bitcoin

Resistance

Ethereum price climbed to a new multi-month high above $3,300. ETH is consolidating while Bitcoin is gaining pace above the $60,000 resistance. 
<ul> 
 <li>Ethereum extended its increase above the $3,300 resistance zone.</li> 
 <li>The price is trading above $3,250 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a connecting bullish trend line forming with support at $3,320 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could extend its increase toward $3,420 or even $3,500 in the near term.</li> 
</ul> 
<h2 id="ethereum-price-underperforms-bitcoin">Ethereum Price Underperforms Bitcoin</h2> 
Ethereum price started another steady increase from the <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-rally-3250/" target="_blank" rel="noopener ">$3,150 support zone</a>. ETH cleared the $3,220 and $3,250 resistance levels to move further into a positive zone. 
However, <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-consolidates-58k/" target="_blank" rel="noopener ">Bitcoin performed better and rallied significantly above the $58,000 resistance</a>. It surged over 10% and even cleared the $60,000 level. Ether also managed to pump above $3,300. A new multi-week high is formed near $3,368 and the price is now consolidating gains. 
It is trading above the 23.6% Fib retracement level of the upward wave from the $3,206 swing low to the $3,368 high. There is also a connecting bullish trend line forming with support at $3,320 on the hourly chart of ETH/USD. 
Ethereum is now trading above $3,250 and the 100-hourly Simple Moving Average. Immediate resistance on the upside is near the $3,365 level. The first major resistance is near the $3,420 level. The next major resistance is near $3,450, above which the price might gain bullish momentum. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_9c3f68.png?resize=1024%2C461"><img decoding="async" class="alignnone size-full wp-image-583445" src="https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_9c3f68.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_9c3f68.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_9c3f68.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_9c3f68.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_9c3f68.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_9c3f68.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_9c3f68.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_9c3f68.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 there is a move above the $3,500 resistance, Ether could even rally toward the $3,650 resistance. Any more gains might call for a test of $3,800. 
<h2 id="downside-correction-in-eth">Downside Correction In ETH?</h2> 
If Ethereum fails to clear the $3,365 resistance, it could start a downside correction. Initial support on the downside is near the $3,320 level. 
The first major support is near the $3,280 zone and the 61.8% Fib retracement level of the upward wave from the $3,206 swing low to the $3,368 high. The next key support could be the $3,160 zone. A clear move below the $3,160 support might send the price toward $3,120. Any more losses might send the price toward the $3,050 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 – $3,265 
Major Resistance Level – $3,365

Ethereum Price Primed To Hit $3.5K After Bitcoin Rallies Past $60K

Table of Contents

NewsBTC

Other articles published on Feb 28, 2024

DappRadar partnership with Aleph Zero

Breaking: BTC Price Hits $60K As BlackRock Bitcoin ETF Saw Massive $520M Inflow

Dogecoin surges $2.8b as SpaceX rocket powers 1st moon landing in 50 years

Shiba Inu Burn Rockets 2000% As Community Burns 93 Mln SHIB, What’s Next?

Serenity Shield token collapses by 95% after $5.6m breach

NY Regulator Orders Gemini to Return $1.1 Billion to Earn Customers

Join our free newsletter for daily crypto updates!