{"id":36348,"date":"2024-02-22T05:52:41","date_gmt":"2024-02-22T09:52:41","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=36348"},"modified":"2024-02-22T05:52:41","modified_gmt":"2024-02-22T09:52:41","slug":"ethereum-price-retreats-from-3k-but-bulls-remain-in-charge","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2024\/02\/22\/ethereum-price-retreats-from-3k-but-bulls-remain-in-charge\/","title":{"rendered":"Ethereum Price Retreats From $3K But Bulls Remain In Charge"},"content":{"rendered":"

Ethereum price spiked above the $3,000 resistance before the bears appeared. ETH is correcting gains, but dips might be limited below the $2,865 support.<\/em><\/p>\n

Ethereum struggled to stay above the $3,000 level and corrected lower.
\nThe price is trading above $2,900 and the 100-hourly Simple Moving Average.
\nThere is a connecting bearish trend line forming with resistance at $2,950 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could start a fresh increase unless the bears push the price below $2,865.<\/p>\n

Ethereum Price Corrects Lower<\/h2>\n

Ethereum price extended its rally above the $3,000 resistance zone. However, the bears were active above the $3,000 resistance. A new multi-week high is formed near $3,032 and the price started a downside correction, like Bitcoin<\/a>.<\/p>\n

There was a move below the $3,000 and $2,950 levels. The bulls are now active above the $2,865 support. A low is formed near $2,865 and the price is now attempting a fresh increase. There was a move above the 50% Fib retracement level of the recent decline from the $3,032 swing high to the $2,865 low.<\/p>\n

Ethereum is now trading above $2,900 and the 100-hourly Simple Moving Average<\/a>. Immediate resistance on the upside is near the $2,950 level. There is also a connecting bearish trend line forming with resistance at $2,950 on the hourly chart of ETH\/USD.<\/p>\n

The first major resistance is near the $2,975 level or the 61.8% Fib retracement level of the recent decline from the $3,032 swing high to the $2,865 low.<\/p>\n

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

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

The next major resistance is near $3,000, above which the price might rise and test the $3,065 resistance zone. If there is a move above the $3,065 resistance, Ether could even rally toward the $3,185 resistance. Any more gains might call for a test of $3,220.<\/p>\n

More Losses In ETH?<\/h2>\n

If Ethereum fails to clear the $2,975 resistance, it could start another downside correction. Initial support on the downside is near the $2,900 level and the 100-hourly Simple Moving Average.<\/p>\n

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 $2,740. 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 losing momentum in the bullish zone.<\/p>\n

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

Major Support Level \u2013 $2,900<\/p>\n

Major Resistance Level \u2013 $2,975<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ethereum price spiked above the $3,000 resistance before the bears appeared. ETH is correcting gains, but dips might be limited below the $2,865 support.<\/em><\/p>\n

Ethereum struggled to stay above the $3,000 level and corrected lower.
\nThe price is trading above $2,900 and the 100-hourly Simple Moving Average.
\nThere is a connecting bearish trend line forming with resistance at $2,950 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could start a fresh increase unless the bears push the price below $2,865.<\/p>\n

Ethereum Price Corrects Lower<\/h2>\n

Ethereum price extended its rally above the $3,000 resistance zone. However, the bears were active above the $3,000 resistance. A new multi-week high is formed near $3,032 and the price started a downside correction, like Bitcoin<\/a>.<\/p>\n

There was a move below the $3,000 and $2,950 levels. The bulls are now active above the $2,865 support. A low is formed near $2,865 and the price is now attempting a fresh increase. There was a move above the 50% Fib retracement level of the recent decline from the $3,032 swing high to the $2,865 low.<\/p>\n

Ethereum is now trading above $2,900 and the 100-hourly Simple Moving Average<\/a>. Immediate resistance on the upside is near the $2,950 level. There is also a connecting bearish trend line forming with resistance at $2,950 on the hourly chart of ETH\/USD.<\/p>\n

The first major resistance is near the $2,975 level or the 61.8% Fib retracement level of the recent decline from the $3,032 swing high to the $2,865 low.<\/p>\n

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

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

The next major resistance is near $3,000, above which the price might rise and test the $3,065 resistance zone. If there is a move above the $3,065 resistance, Ether could even rally toward the $3,185 resistance. Any more gains might call for a test of $3,220.<\/p>\n

More Losses In ETH?<\/h2>\n

If Ethereum fails to clear the $2,975 resistance, it could start another downside correction. Initial support on the downside is near the $2,900 level and the 100-hourly Simple Moving Average.<\/p>\n

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 $2,740. 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 losing momentum in the bullish zone.<\/p>\n

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

Major Support Level \u2013 $2,900<\/p>\n

Major Resistance Level \u2013 $2,975<\/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-36348","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\/36348","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=36348"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/36348\/revisions"}],"predecessor-version":[{"id":36356,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/36348\/revisions\/36356"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=36348"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=36348"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=36348"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}