Ethereum

Resistance

Ethereum price is struggling below the $3,030 resistance. ETH is consolidating and might start a downside correction below the $2,930 support. 
<ul> 
 <li>Ethereum struggled to stay above the $3,000 level and corrected lower.</li> 
 <li>The price is trading above $2,930 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a key bullish trend line forming with support at $2,930 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could start a fresh increase unless there is a clear move below $2,930.</li> 
</ul> 
<h2 id="ethereum-price-hits-support">Ethereum Price Hits Support</h2> 
Ethereum price made another attempt to gain pace above the <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-retreats-from-3k/" target="_blank" rel="noopener ">$3,000 resistance zone</a>. However, the bears were active above the $3,000 resistance. A new multi-week high is formed near $3,036 and the price started a downside correction, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-accumulation-52k/" target="_blank" rel="noopener ">Bitcoin</a>. 
There was a move below the $3,000 and $2,980 levels. The price spiked below the 50% Fib retracement level of the upward move from the $2,865 swing low to the $3,036 high. However, the bulls are now active near the $2,940 level. 
Ethereum is now trading above $2,930 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support at $2,930 on the hourly chart of ETH/USD. The trend line is close to the 100-hourly Simple Moving Average and the 61.8% Fib retracement level of the upward move from the $2,865 swing low to the $3,036 high. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_f0677c.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-576466" src="https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_f0677c.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_f0677c.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_f0677c.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_f0677c.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_f0677c.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_f0677c.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_f0677c.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum_f0677c.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> 
Immediate resistance on the upside is near the $2,980 level. The first major resistance is near the $3,000 level. The next major resistance is near $3,035, above which the price might rise and test the $3,080 resistance zone. If there is a move above the $3,080 resistance, Ether could even rally toward the $3,200 resistance. Any more gains might call for a test of $3,250. 
<h2 id="more-losses-in-eth">More Losses In ETH?</h2> 
If Ethereum fails to clear the $3,000 resistance, it could continue to move down. Initial support on the downside is near the $2,930 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 $2,720. Any more losses might send the price toward the $2,550 level in the coming days. 
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 below the 50 level. 
Major Support Level – $2,865 
Major Resistance Level – $3,000

Ethereum Price At Make-or-Break Levels, Can ETH Surge To $3,200?

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