{"id":36531,"date":"2024-02-28T14:52:57","date_gmt":"2024-02-28T18:52:57","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=36531"},"modified":"2024-02-28T14:52:57","modified_gmt":"2024-02-28T18:52:57","slug":"ethereum-price-primed-to-hit-3-5k-after-bitcoin-rallies-past-60k","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2024\/02\/28\/ethereum-price-primed-to-hit-3-5k-after-bitcoin-rallies-past-60k\/","title":{"rendered":"Ethereum Price Primed To Hit $3.5K After Bitcoin Rallies Past $60K"},"content":{"rendered":"

Ethereum price climbed to a new multi-month high above $3,300. ETH is consolidating while Bitcoin is gaining pace above the $60,000 resistance.<\/em><\/p>\n

Ethereum extended its increase above the $3,300 resistance zone.
\nThe price is trading above $3,250 and the 100-hourly Simple Moving Average.
\nThere is a connecting bullish trend line forming with support at $3,320 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could extend its increase toward $3,420 or even $3,500 in the near term.<\/p>\n

Ethereum Price Underperforms Bitcoin<\/h2>\n

Ethereum price started another steady increase from the $3,150 support zone<\/a>. ETH cleared the $3,220 and $3,250 resistance levels to move further into a positive zone.<\/p>\n

However, Bitcoin performed better and rallied significantly above the $58,000 resistance<\/a>. It surged over 10% and even cleared the $60,000 level. Ether also managed to pump above $3,300. A new multi-week high is formed near $3,368 and the price is now consolidating gains.<\/p>\n

It is trading above the 23.6% Fib retracement level of the upward wave from the $3,206 swing low to the $3,368 high. There is also a connecting bullish trend line forming with support at $3,320 on the hourly chart of ETH\/USD.<\/p>\n

Ethereum is now trading above $3,250 and the 100-hourly Simple Moving Average. Immediate resistance on the upside is near the $3,365 level. The first major resistance is near the $3,420 level. The next major resistance is near $3,450, above which the price might gain bullish momentum.<\/p>\n

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

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

If there is a move above the $3,500 resistance, Ether could even rally toward the $3,650 resistance. Any more gains might call for a test of $3,800.<\/p>\n

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

If Ethereum fails to clear the $3,365 resistance, it could start a downside correction. Initial support on the downside is near the $3,320 level.<\/p>\n

The first major support is near the $3,280 zone and the 61.8% Fib retracement level of the upward wave from the $3,206 swing low to the $3,368 high. The next key support could be the $3,160 zone. A clear move below the $3,160 support might send the price toward $3,120. Any more losses might send the price toward the $3,050 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 $3,265<\/p>\n

Major Resistance Level \u2013 $3,365<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ethereum price climbed to a new multi-month high above $3,300. ETH is consolidating while Bitcoin is gaining pace above the $60,000 resistance.<\/em><\/p>\n

Ethereum extended its increase above the $3,300 resistance zone.
\nThe price is trading above $3,250 and the 100-hourly Simple Moving Average.
\nThere is a connecting bullish trend line forming with support at $3,320 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could extend its increase toward $3,420 or even $3,500 in the near term.<\/p>\n

Ethereum Price Underperforms Bitcoin<\/h2>\n

Ethereum price started another steady increase from the $3,150 support zone<\/a>. ETH cleared the $3,220 and $3,250 resistance levels to move further into a positive zone.<\/p>\n

However, Bitcoin performed better and rallied significantly above the $58,000 resistance<\/a>. It surged over 10% and even cleared the $60,000 level. Ether also managed to pump above $3,300. A new multi-week high is formed near $3,368 and the price is now consolidating gains.<\/p>\n

It is trading above the 23.6% Fib retracement level of the upward wave from the $3,206 swing low to the $3,368 high. There is also a connecting bullish trend line forming with support at $3,320 on the hourly chart of ETH\/USD.<\/p>\n

Ethereum is now trading above $3,250 and the 100-hourly Simple Moving Average. Immediate resistance on the upside is near the $3,365 level. The first major resistance is near the $3,420 level. The next major resistance is near $3,450, above which the price might gain bullish momentum.<\/p>\n

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

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

If there is a move above the $3,500 resistance, Ether could even rally toward the $3,650 resistance. Any more gains might call for a test of $3,800.<\/p>\n

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

If Ethereum fails to clear the $3,365 resistance, it could start a downside correction. Initial support on the downside is near the $3,320 level.<\/p>\n

The first major support is near the $3,280 zone and the 61.8% Fib retracement level of the upward wave from the $3,206 swing low to the $3,368 high. The next key support could be the $3,160 zone. A clear move below the $3,160 support might send the price toward $3,120. Any more losses might send the price toward the $3,050 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 $3,265<\/p>\n

Major Resistance Level \u2013 $3,365<\/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-36531","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\/36531","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=36531"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/36531\/revisions"}],"predecessor-version":[{"id":36540,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/36531\/revisions\/36540"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=36531"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=36531"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=36531"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}