Ethereum

The price of Ethereum is holding steady above the $2,575 support level, indicating a period of consolidation. If Ethereum manages to break through the $2,700 resistance barrier, it could initiate a significant upward movement.Cryptos Headlines Token Airdrop Is Live, Claim 5000 CHT Token Free On <a href="https://cryptosheadlinestoken.com/index.php/tokenomics/" rel="noopener noreferrer nofollow">CryptosHeadlinesToken.com</a><img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/02/Cryptos-Headlines-Token-Airdrop-Is-Live-Claim-Your-Reward-Now-1.png?fit&#61;900%2C200&amp;ssl&#61;1" />Currently, Ethereum is trading above $2,620 and the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD, there’s a short-term breakout <a href="https://cryptosheadlines.com/cardano-ada-forms-pattern-that-could-spark-32-price-surge/" rel="noopener noreferrer nofollow">pattern forming</a>, with resistance around $2,640. For Ethereum to <a href="https://cryptosheadlines.com/next-weeks-altcoin-watchlist-loom-bnt-sol-for-potential-gains/" rel="noopener noreferrer nofollow">potentially see further gains</a>, it needs to maintain its position above the $2,575 support zone.<h3 id="ethereum-price-analysis-upside-momentum-and-key-levels">Ethereum Price Analysis: Upside Momentum and Key Levels</h3>Ethereum saw a surge above the $2,600 mark, nearing the crucial $2,700 resistance zone, with ETH hitting as high as $2,681 before encountering a downward correction.Following the upward move, Ethereum experienced a dip below $2,640 and $2,620 levels. This decline breached the 23.6% Fibonacci retracement level of the recent swing from the $2,472 low to the $2,681 high. However, support was found near the $2,600 area, where bullish activity emerged.Ethereum has found support at $2,600 and is now striving for another upward move. It is currently trading above $2,620 and the 100-hourly Simple Moving Average.Immediate resistance is anticipated around the $2,640 level, with a short-term breakout pattern forming on the hourly ETH/USD chart. The first significant resistance lies near $2,680, followed by a major hurdle at $2,720. Surpassing this level could pave the way for a test of the $2,800 resistance.Cryptos Headlines Token Airdrop Is Live, Claim 5000 CHT Token Free On <a href="https://cryptosheadlinestoken.com/index.php/tokenomics/" rel="noopener noreferrer nofollow">CryptosHeadlinesToken.com</a><img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/02/Screenshot_5.png?fit&#61;1276%2C681&amp;ssl&#61;1" /><img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/02/cryptosheadlines002-20.webp?resize&#61;640%2C288&amp;ssl&#61;1" />Source: <a href="https://www.tradingview.com/symbols/ETHUSD/" rel="noopener noreferrer nofollow">ETHUSD on TradingView.com</a><a href="https://cryptosheadlines.com/ryoshi-plans-to-introduce-governance-token-with-200-million-in-total-supply/" rel="noopener noreferrer nofollow">Also Read: Ryoshi Plans to Introduce Governance Token with 200 Million in Total Supply</a>Continued <a href="https://cryptosheadlines.com/xrp-price-down-8-bullish-momentum-stalls/" rel="noopener noreferrer nofollow">bullish momentum</a> may lead to Ethereum breaking above the $2,800 resistance. In such a scenario, the price could target the $3,000 level as its next significant milestone.<h3 id="ethereum-price-outlook-potential-decline-and-critical-support-levels">Ethereum Price Outlook: Potential Decline and Critical Support Levels</h3>If <a href="https://cryptosheadlines.com/cardano-surpasses-ethereum-in-recent-crypto-development-activity/" rel="noopener noreferrer nofollow">Ethereum encounters difficulty surpassing</a> the $2,640 resistance, there’s a possibility of a new downward trend. Initial support is expected around the $2,620 mark.The next crucial support level to monitor is around $2,600. A decisive drop below this could lead to further decline, potentially targeting $2,575 or the 50% Fibonacci retracement level of the <a href="https://cryptosheadlines.com/biggest-holder-of-shiba-inu-tokens-recently-moved-4-trillion-shib-tokens/" rel="noopener noreferrer nofollow">recent move</a> from the $2,472 low to the $2,681 high. The primary support zone stands at $2,550 or the 100 hourly Simple Moving Average (SMA). Extended losses might drive the price towards the $2,440 level.<h3 id="technical-indicators-and-momentum">Technical Indicators and Momentum</h3>The Hourly Moving Average Convergence Divergence (MACD) for ETH/USD indicates gaining bullish momentum. Additionally, the Hourly Relative Strength Index (RSI) is currently above the 50 level, <a href="https://cryptosheadlines.com/bitcoin-witnessing-third-week-of-outflows-suggesting-negative-market-sentiment/" rel="noopener noreferrer nofollow">suggesting positive market sentiment</a>.In summary, the major support level is identified at $2,600, while the primary resistance level is marked at $2,640. Monitoring these levels will provide insights into <a href="https://cryptosheadlines.com/binance-boosts-support-for-pepe-and-floki-potential-price-rally-ahead/" rel="noopener noreferrer nofollow">potential price</a> movements in the near term.Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice

Ethereum: Close Above $2700 May Trigger Bigger Rally

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