{"id":36260,"date":"2024-02-20T03:54:05","date_gmt":"2024-02-20T07:54:05","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=36260"},"modified":"2024-02-20T03:54:05","modified_gmt":"2024-02-20T07:54:05","slug":"ethereum-price-grinds-higher-will-eth-bulls-be-able-to-hit-3k-milestone","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2024\/02\/20\/ethereum-price-grinds-higher-will-eth-bulls-be-able-to-hit-3k-milestone\/","title":{"rendered":"Ethereum Price Grinds Higher, Will ETH Bulls Be Able to Hit $3K Milestone?"},"content":{"rendered":"

Ethereum price is showing positive signs above the $2,850 support. ETH eyes more gains and might surge toward the $3,000 resistance zone.<\/em><\/p>\n

Ethereum is slowly moving higher above the $2,800 support zone.
\nThe price is trading above $2,850 and the 100-hourly Simple Moving Average.
\nThere is a key bullish trend line forming with support at $2,910 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could continue to move up toward the $3,000 resistance zone.<\/p>\n

Ethereum Price Remains Supported<\/h2>\n

Ethereum price remained well-bid and slowly moved higher<\/a> above the $2,850 level. ETH even cleared the $2,920 resistance zone and outperformed Bitcoin<\/a>.<\/p>\n

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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

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

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

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.<\/p>\n

Downside Correction In ETH?<\/h2>\n

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.<\/p>\n

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.<\/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 $2,850<\/p>\n

Major Resistance Level \u2013 $2,940<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ethereum price is showing positive signs above the $2,850 support. ETH eyes more gains and might surge toward the $3,000 resistance zone.<\/em><\/p>\n

Ethereum is slowly moving higher above the $2,800 support zone.
\nThe price is trading above $2,850 and the 100-hourly Simple Moving Average.
\nThere is a key bullish trend line forming with support at $2,910 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could continue to move up toward the $3,000 resistance zone.<\/p>\n

Ethereum Price Remains Supported<\/h2>\n

Ethereum price remained well-bid and slowly moved higher<\/a> above the $2,850 level. ETH even cleared the $2,920 resistance zone and outperformed Bitcoin<\/a>.<\/p>\n

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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

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

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

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.<\/p>\n

Downside Correction In ETH?<\/h2>\n

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.<\/p>\n

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.<\/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 $2,850<\/p>\n

Major Resistance Level \u2013 $2,940<\/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-36260","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\/36260","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=36260"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/36260\/revisions"}],"predecessor-version":[{"id":36271,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/36260\/revisions\/36271"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=36260"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=36260"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=36260"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}