Ethereum

Rally

Bitcoin

Resistance

Ethereum price climbed to a new multi-month high above $3,200. ETH is consolidating while Bitcoin is gaining pace above the $55,000 resistance. 
<ul> 
 <li>Ethereum extended its increase above the $3,200 resistance zone.</li> 
 <li>The price is trading above $3,175 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a key bullish trend line forming with support at $3,150 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could extend its increase toward $3,320 or even $3,450 in the near term.</li> 
</ul> 
<h2 id="ethereum-price-underperforms-bitcoin">Ethereum Price Underperforms Bitcoin</h2> 
Ethereum price remained in a <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-climbs-3000/" target="_blank" rel="noopener ">positive zone</a> and extended its increase above the $3,050 resistance. ETH climbed above the $3,200 resistance, but upsides were contained after <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-moons-to-57k/" target="_blank" rel="noopener ">Bitcoin</a> surged above $55,000. 
Ether even spiked above $3,250. A new multi-week high is formed near $3,274 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $3,041 swing low to the $3,274 high. 
There is also a key bullish trend line forming with support at $3,150 on the hourly chart of ETH/USD. The trend line is close to the 61.8% Fib retracement level of the upward move from the $3,041 swing low to the $3,274 high. 
Ethereum is now trading above $3,175 and the 100-hourly Simple Moving Average. Immediate resistance on the upside is near the $3,250 level. The first major resistance is near the $3,275 level. The next major resistance is near $3,320, above which the price might gain bullish momentum. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_0c62b5.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-577015" src="https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_0c62b5.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_0c62b5.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_0c62b5.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_0c62b5.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_0c62b5.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_0c62b5.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_0c62b5.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_0c62b5.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 $3,400 resistance, Ether could even rally toward the $3,450 resistance. Any more gains might call for a test of $3,500. 
<h2 id="are-dips-limited-in-eth">Are Dips Limited In ETH?</h2> 
If Ethereum fails to clear the $3,250 resistance, it could start a downside correction. Initial support on the downside is near the $3,200 level. 
The first major support is near the $3,150 zone and the trend line, below which Ether might test $3,130. The next key support could be the $3,100 zone. A clear move below the $3,100 support might send the price toward $3,050 or the 100-hourly Simple Moving Average. Any more losses might send the price toward the $2,880 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 – $3,150 
Major Resistance Level – $3,250

Ethereum Price Rally Stalls As Bitcoin Pumps But Bulls Are Not Done Yet

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