{"id":36087,"date":"2024-02-14T04:52:46","date_gmt":"2024-02-14T08:52:46","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=36087"},"modified":"2024-02-14T04:52:46","modified_gmt":"2024-02-14T08:52:46","slug":"ethereum-price-close-above-2700-could-spark-larger-degree-rally","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2024\/02\/14\/ethereum-price-close-above-2700-could-spark-larger-degree-rally\/","title":{"rendered":"Ethereum Price Close Above $2,700 Could Spark Larger Degree Rally"},"content":{"rendered":"

Ethereum price is consolidating gains above the $2,575 support. ETH could start a major rally if there is a close above the $2,700 resistance.<\/em><\/p>\n

Ethereum is consolidating gains above the $2,575 support zone.
\nThe price is trading above $2,620 and the 100-hourly Simple Moving Average.
\nThere is a short-term breakout pattern forming with resistance at $2,640 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could start a fresh increase if it stays above the $2,575 support zone.<\/p>\n

Ethereum Price Eyes Another Increase<\/h2>\n

Ethereum price gained pace above the $2,600 level and traded close to the $2,700 resistance zone<\/a>. ETH traded as high as $2,681 before it started a downside correction.<\/p>\n

There was a move below the $2,640 and $2,620 levels. The price declined below the 23.6% Fib retracement level of the upward move from the $2,472 swing low to the $2,681 high, like Bitcoin<\/a>. However, the bulls were active near the $2,600 zone.<\/p>\n

Ethereum found support at $2,600 and is currently attempting a fresh increase. It is now trading above $2,620 and the 100-hourly Simple Moving Average.<\/p>\n

Immediate resistance is near the $2,640 level. There is also a short-term breakout pattern forming with resistance at $2,640 on the hourly chart of ETH\/USD. The first major resistance is near the $2,680 level. The next major resistance is near $2,720, above which the price might rise and test the $2,800 resistance.<\/p>\n

<\/a><\/p>\n

Source: ETHUSD on TradingView.com<\/a><\/p>\n

If the bulls remain in action, they could even push the price above the $2,800 resistance. In the stated case, the price could rise toward the $3,000 level.<\/p>\n

Another Decline In ETH?<\/h2>\n

If Ethereum fails to clear the $2,640 resistance, it could start another decline. Initial support on the downside is near the $2,620 level.<\/p>\n

The next key support could be the $2,600 zone. A clear move below the $2,600 support might send the price toward $2,575 or the 50% Fib retracement level of the upward move from the $2,472 swing low to the $2,681 high. The main support could be $2,550 or the 100 hourly SMA. Any more losses might send the price toward the $2,440 level.<\/p>\n

Technical Indicators<\/p>\n

Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is gaining momentum in the bullish zone.<\/p>\n

Hourly RSI \u2013 <\/strong>The RSI for ETH\/USD is now above the 50 level.<\/p>\n

Major Support Level \u2013 $2,600<\/p>\n

Major Resistance Level \u2013 $2,640<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ethereum price is consolidating gains above the $2,575 support. ETH could start a major rally if there is a close above the $2,700 resistance.<\/em><\/p>\n

Ethereum is consolidating gains above the $2,575 support zone.
\nThe price is trading above $2,620 and the 100-hourly Simple Moving Average.
\nThere is a short-term breakout pattern forming with resistance at $2,640 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could start a fresh increase if it stays above the $2,575 support zone.<\/p>\n

Ethereum Price Eyes Another Increase<\/h2>\n

Ethereum price gained pace above the $2,600 level and traded close to the $2,700 resistance zone<\/a>. ETH traded as high as $2,681 before it started a downside correction.<\/p>\n

There was a move below the $2,640 and $2,620 levels. The price declined below the 23.6% Fib retracement level of the upward move from the $2,472 swing low to the $2,681 high, like Bitcoin<\/a>. However, the bulls were active near the $2,600 zone.<\/p>\n

Ethereum found support at $2,600 and is currently attempting a fresh increase. It is now trading above $2,620 and the 100-hourly Simple Moving Average.<\/p>\n

Immediate resistance is near the $2,640 level. There is also a short-term breakout pattern forming with resistance at $2,640 on the hourly chart of ETH\/USD. The first major resistance is near the $2,680 level. The next major resistance is near $2,720, above which the price might rise and test the $2,800 resistance.<\/p>\n

<\/a><\/p>\n

Source: ETHUSD on TradingView.com<\/a><\/p>\n

If the bulls remain in action, they could even push the price above the $2,800 resistance. In the stated case, the price could rise toward the $3,000 level.<\/p>\n

Another Decline In ETH?<\/h2>\n

If Ethereum fails to clear the $2,640 resistance, it could start another decline. Initial support on the downside is near the $2,620 level.<\/p>\n

The next key support could be the $2,600 zone. A clear move below the $2,600 support might send the price toward $2,575 or the 50% Fib retracement level of the upward move from the $2,472 swing low to the $2,681 high. The main support could be $2,550 or the 100 hourly SMA. Any more losses might send the price toward the $2,440 level.<\/p>\n

Technical Indicators<\/p>\n

Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is gaining momentum in the bullish zone.<\/p>\n

Hourly RSI \u2013 <\/strong>The RSI for ETH\/USD is now above the 50 level.<\/p>\n

Major Support Level \u2013 $2,600<\/p>\n

Major Resistance Level \u2013 $2,640<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-36087","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/36087","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=36087"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/36087\/revisions"}],"predecessor-version":[{"id":36096,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/36087\/revisions\/36096"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=36087"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=36087"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=36087"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}