Ethereum

Rally

Resistance

Ethereum price climbed further higher and broke the $3,000 resistance. ETH is still showing positive signs and might extend gains toward $3,120. 
<ul> 
 <li>Ethereum extended its rally above the $2,980 and $3,000 levels.</li> 
 <li>The price is trading above $3,000 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a key bullish trend line forming with support at $2,950 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could continue to move up toward the $3,120 resistance zone.</li> 
</ul> 
<h2 id="ethereum-price-extends-rally">Ethereum Price Extends Rally</h2> 
Ethereum price formed a base above the $2,850 level and started another increase. ETH cleared the $2,920 resistance zone and outperformed <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-range-50k-key/" target="_blank" rel="noopener ">Bitcoin</a>. Finally, the price climbed above the <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-grinds-higher-3k/" target="_blank" rel="noopener ">$3,000 barrier</a>. 
A new multi-week high is formed near $3,032 and the price is now consolidating gains. Ether is stable near the 23.6% Fib retracement level of the recent increase from the $2,876 swing low to the $3,032 high. There is also a key bullish trend line forming with support at $2,950 on the hourly chart of ETH/USD. 
Ethereum is now trading above $3,000 and the 100-hourly Simple Moving Average. Immediate resistance on the upside is near the $3,040 level. The first major resistance is near the $3,065 level. The next major resistance is near $3,120, above which the price might rise and test the $3,220 resistance zone. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_355eed.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-576098" src="https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_355eed.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_355eed.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_355eed.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_355eed.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_355eed.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_355eed.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_355eed.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_355eed.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 $3,220 resistance, Ether could even rally toward the $3,350 resistance. Any more gains might call for a test of $3,500. 
<h2 id="downside-correction-in-eth">Downside Correction In ETH?</h2> 
If Ethereum fails to clear the $3,040 resistance, it could start a downside correction. Initial support on the downside is near the $2,995 level. 
The first major support is near the $2,950 level and the trend line zone. It is close to the 50% Fib retracement level of the recent increase from the $2,876 swing low to the $3,032 high. The next key support could be the $2,910 zone. A clear move below the $2,910 support might send the price toward $2,880 or the 100-hourly Simple Moving Average. The main support could be $2,850. 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 – $2,950 
Major Resistance Level – $3,040

Ethereum Price Hits $3K But The Bulls Are Not Done Yet

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