Ethereum

Resistance

Ethereum price is showing positive signs above the $2,850 support. ETH eyes more gains and might surge toward the $3,000 resistance zone. 
<ul> 
 <li>Ethereum is slowly moving higher above the $2,800 support zone.</li> 
 <li>The price is trading above $2,850 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a key bullish trend line forming with support at $2,910 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could continue to move up toward the $3,000 resistance zone.</li> 
</ul> 
<h2 id="ethereum-price-remains-supported">Ethereum Price Remains Supported</h2> 
Ethereum price remained well-bid and <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-momentum-to-3k/" target="_blank" rel="noopener ">slowly moved higher</a> above the $2,850 level. ETH even cleared the $2,920 resistance zone and outperformed <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-consolidates-52500/" target="_blank" rel="noopener ">Bitcoin</a>. 
However, there was no test of the $3,000 resistance zone. A new multi-week high is formed near $2,984 and the price is now consolidating gains. Ether is stable near the 23.6% Fib retracement level of the recent wave from the $2,723 swing low to the $2,984 high. 
There is also a key bullish trend line forming with support at $2,910 on the hourly chart of ETH/USD. Ethereum is now trading above $2,850 and the 100-hourly Simple Moving Average. 
Immediate resistance on the upside is near the $2,940 level. The first major resistance is near the $2,985 level. The next major resistance is near $3,000, above which the price might rise and test the $3,050 resistance zone. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_647c97.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-575925" src="https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_647c97.png?resize=1024%2C461" alt="Ethereum Price " width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_647c97.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_647c97.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_647c97.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_647c97.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_647c97.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_647c97.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_647c97.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 the bulls push the price above the $3,050 resistance, Ether could even rally toward the $3,120 resistance. In the stated case, the price could rise toward the $3,250 level in the near term. Any more gains might call for a test of $3,350. 
<h2 id="downside-correction-in-eth">Downside Correction In ETH?</h2> 
If Ethereum fails to clear the $2,940 resistance, it could start a downside correction. Initial support on the downside is near the $2,910 level and the trend line zone. 
The next key support could be the $2,850 zone or 50% Fib retracement level of the recent wave from the $2,723 swing low to the $2,984 high. A clear move below the $2,850 support might send the price toward $2,840 or the 100-hourly Simple Moving Average. The main support could be $2,780. 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 gaining momentum in the bullish zone. 
Hourly RSI – The RSI for ETH/USD is now above the 50 level. 
Major Support Level – $2,850 
Major Resistance Level – $2,940

Ethereum Price Grinds Higher, Will ETH Bulls Be Able to Hit $3K Milestone?

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