Ethereum

Rally

Bitcoin

Resistance

Ethereum price climbed to a new multi-month high above $3,400. ETH is consolidating like Bitcoin and seems to be setting up for another bullish spree. 
<ul> 
 <li>Ethereum extended its increase above the $3,400 resistance zone.</li> 
 <li>The price is trading above $3,350 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a key bullish trend line forming with support at $3,250 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could correct lower, but dips might be limited below the $3,250 support zone.</li> 
</ul> 
<h2 id="ethereum-price-extends-rally">Ethereum Price Extends Rally</h2> 
Ethereum price remained in a bullish zone after it settled above the $3,000 pivot level. <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-uptrend-70k/" target="_blank" rel="noopener ">Bitcoin</a> saw strong moves above the $60,000 resistance. It even rallied toward the $64,000 level. ETH also started a decent increase and cleared the $3,320 resistance. 
It surged over 10% and even tested the <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-primed-to-hit-3-5k/" target="_blank" rel="noopener ">$3,500 level</a>. A new multi-month high was formed near $3,496 before there was a sharp decline. A low was formed at $3,111 and the price is now attempting a fresh increase. It is still above the 23.6% Fib retracement level of the upward wave from the $3,111 swing low to the $3,465 high. 
Ethereum is now trading above $3,350 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support at $3,250 on the hourly chart of ETH/USD. The trend line is close to the 61.8% Fib retracement level of the upward wave from the $3,111 swing low to the $3,465 high. 
Immediate resistance on the upside is near the $3,450 level. The first major resistance is near the $3,500 level. The next major resistance is near $3,550, above which the price might gain bullish momentum. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_e7d872.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-590605" src="https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_e7d872.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_e7d872.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_e7d872.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_e7d872.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_e7d872.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_e7d872.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_e7d872.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_e7d872.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 there is a move above the $3,550 resistance, Ether could even rally toward the $3,680 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 $3,450 resistance, it could start a downside correction. Initial support on the downside is near the $3,380 level. 
The first major support is near the $3,285 zone. The next key support could be the $3,250 zone and the trend line. A clear move below the $3,250 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 – $3,285 
Major Resistance Level – $3,450

Ethereum Price Prepares To Go On Another Bullish Spree, Key Support Intact

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