Ethereum

Resistance

Ethereum price spiked above the $3,000 resistance before the bears appeared. ETH is correcting gains, but dips might be limited below the $2,865 support. 
<ul> 
 <li>Ethereum struggled to stay above the $3,000 level and corrected lower.</li> 
 <li>The price is trading above $2,900 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a connecting bearish trend line forming with resistance at $2,950 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could start a fresh increase unless the bears push the price below $2,865.</li> 
</ul> 
<h2 id="ethereum-price-corrects-lower">Ethereum Price Corrects Lower</h2> 
Ethereum price extended its rally above the $3,000 resistance zone. However, the bears were active above the $3,000 resistance. A new multi-week high is formed near $3,032 and the price started a downside correction, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-holds-ground-50500/" target="_blank" rel="noopener ">Bitcoin</a>. 
There was a move below the $3,000 and $2,950 levels. The bulls are now active above the $2,865 support. A low is formed near $2,865 and the price is now attempting a fresh increase. There was a move above the 50% Fib retracement level of the recent decline from the $3,032 swing high to the $2,865 low. 
Ethereum is now trading above $2,900 and the <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-hits-3k/" target="_blank" rel="noopener ">100-hourly Simple Moving Average</a>. Immediate resistance on the upside is near the $2,950 level. There is also a connecting bearish trend line forming with resistance at $2,950 on the hourly chart of ETH/USD. 
The first major resistance is near the $2,975 level or the 61.8% Fib retracement level of the recent decline from the $3,032 swing high to the $2,865 low. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_88d51f.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-576304" src="https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_88d51f.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_88d51f.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_88d51f.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_88d51f.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_88d51f.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_88d51f.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_88d51f.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_88d51f.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> 
The next major resistance is near $3,000, above which the price might rise and test the $3,065 resistance zone. If there is a move above the $3,065 resistance, Ether could even rally toward the $3,185 resistance. Any more gains might call for a test of $3,220. 
<h2 id="more-losses-in-eth">More Losses In ETH?</h2> 
If Ethereum fails to clear the $2,975 resistance, it could start another downside correction. Initial support on the downside is near the $2,900 level and the 100-hourly Simple Moving Average. 
The first major support is near the $2,865 level. The next key support could be the $2,820 zone. A clear move below the $2,820 support might send the price toward $2,740. Any more losses might send the price toward the $2,720 level in the coming sessions. 
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 near the 50 level. 
Major Support Level – $2,900 
Major Resistance Level – $2,975

Ethereum Price Retreats From $3K But Bulls Remain In Charge

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