{"id":36559,"date":"2024-02-29T04:52:41","date_gmt":"2024-02-29T08:52:41","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=36559"},"modified":"2024-02-29T04:52:41","modified_gmt":"2024-02-29T08:52:41","slug":"ethereum-price-prepares-to-go-on-another-bullish-spree-key-support-intact","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2024\/02\/29\/ethereum-price-prepares-to-go-on-another-bullish-spree-key-support-intact\/","title":{"rendered":"Ethereum Price Prepares To Go On Another Bullish Spree, Key Support Intact"},"content":{"rendered":"

Ethereum price climbed to a new multi-month high above $3,400. ETH is consolidating like Bitcoin and seems to be setting up for another bullish spree.<\/em><\/p>\n

Ethereum extended its increase above the $3,400 resistance zone.
\nThe price is trading above $3,350 and the 100-hourly Simple Moving Average.
\nThere is a key bullish trend line forming with support at $3,250 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could correct lower, but dips might be limited below the $3,250 support zone.<\/p>\n

Ethereum Price Extends Rally<\/h2>\n

Ethereum price remained in a bullish zone after it settled above the $3,000 pivot level. Bitcoin<\/a> saw strong moves above the $60,000 resistance. It even rallied toward the $64,000 level. ETH also started a decent increase and cleared the $3,320 resistance.<\/p>\n

It surged over 10% and even tested the $3,500 level<\/a>. A new multi-month high was formed near $3,496 before there was a sharp decline. A low was formed at $3,111 and the price is now attempting a fresh increase. It is still above the 23.6% Fib retracement level of the upward wave from the $3,111 swing low to the $3,465 high.<\/p>\n

Ethereum is now trading above $3,350 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support at $3,250 on the hourly chart of ETH\/USD. The trend line is close to the 61.8% Fib retracement level of the upward wave from the $3,111 swing low to the $3,465 high.<\/p>\n

Immediate resistance on the upside is near the $3,450 level. The first major resistance is near the $3,500 level. The next major resistance is near $3,550, 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 $3,550 resistance, Ether could even rally toward the $3,680 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 $3,450 resistance, it could start a downside correction. Initial support on the downside is near the $3,380 level.<\/p>\n

The first major support is near the $3,285 zone. The next key support could be the $3,250 zone and the trend line. A clear move below the $3,250 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 $3,285<\/p>\n

Major Resistance Level \u2013 $3,450<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ethereum price climbed to a new multi-month high above $3,400. ETH is consolidating like Bitcoin and seems to be setting up for another bullish spree.<\/em><\/p>\n

Ethereum extended its increase above the $3,400 resistance zone.
\nThe price is trading above $3,350 and the 100-hourly Simple Moving Average.
\nThere is a key bullish trend line forming with support at $3,250 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could correct lower, but dips might be limited below the $3,250 support zone.<\/p>\n

Ethereum Price Extends Rally<\/h2>\n

Ethereum price remained in a bullish zone after it settled above the $3,000 pivot level. Bitcoin<\/a> saw strong moves above the $60,000 resistance. It even rallied toward the $64,000 level. ETH also started a decent increase and cleared the $3,320 resistance.<\/p>\n

It surged over 10% and even tested the $3,500 level<\/a>. A new multi-month high was formed near $3,496 before there was a sharp decline. A low was formed at $3,111 and the price is now attempting a fresh increase. It is still above the 23.6% Fib retracement level of the upward wave from the $3,111 swing low to the $3,465 high.<\/p>\n

Ethereum is now trading above $3,350 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support at $3,250 on the hourly chart of ETH\/USD. The trend line is close to the 61.8% Fib retracement level of the upward wave from the $3,111 swing low to the $3,465 high.<\/p>\n

Immediate resistance on the upside is near the $3,450 level. The first major resistance is near the $3,500 level. The next major resistance is near $3,550, 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 $3,550 resistance, Ether could even rally toward the $3,680 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 $3,450 resistance, it could start a downside correction. Initial support on the downside is near the $3,380 level.<\/p>\n

The first major support is near the $3,285 zone. The next key support could be the $3,250 zone and the trend line. A clear move below the $3,250 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 $3,285<\/p>\n

Major Resistance Level \u2013 $3,450<\/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-36559","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\/36559","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=36559"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/36559\/revisions"}],"predecessor-version":[{"id":36565,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/36559\/revisions\/36565"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=36559"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=36559"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=36559"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}