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Ethereum Price Consolidates While Bitcoin Surges, Can ETH Follow BTC Later?

February 11, 2024
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Ethereum value is consolidating positive aspects above $2,400. ETH may begin a serious improve if there’s a clear transfer above the $2,460 resistance.

Ethereum is consolidating positive aspects beneath the $2,460 resistance zone.
The worth is buying and selling above $2,400 and the 100-hourly Easy Shifting Common.
There’s a main bullish development line forming with assist at $2,435 on the hourly chart of ETH/USD (information feed by way of Kraken).
The pair may begin a recent improve if there’s a shut above the $2,460 and $2,480 ranges.

Ethereum Worth Goals Greater

Ethereum value noticed a gentle improve after it broke the $2,350 resistance. ETH climbed above $2,400 and examined the $2,460 zone. A excessive was fashioned close to $2,463 and the value is now consolidating positive aspects, whereas Bitcoin prolonged its improve above the $45,000 stage.

Ether is buying and selling above the 23.6% Fib retracement stage of the current wave from the $2,352 swing low to the $2,463 excessive. There’s additionally a serious bullish development line forming with assist at $2,435 on the hourly chart of ETH/USD.

Ethereum is now buying and selling above $2,400 and the 100-hourly Easy Shifting Common. If there’s a recent improve, the value may surge above the $2,460 stage. On the upside, the primary main resistance is close to the $2,500 stage. The subsequent main resistance is close to $2,550, above which the value would possibly rise and check the $2,620 resistance.

Supply: ETHUSD on TradingView.com

If the bulls stay in motion, they might even push the value above the $2,620 resistance. Within the acknowledged case, the value may rise towards the $2,700 stage.

One other Bearish Wave In ETH?

If Ethereum fails to clear the $2,460 resistance, it may begin a draw back correction. Preliminary assist on the draw back is close to the $2,435 stage and the development line.

The subsequent key assist could possibly be the $2,400 zone or the 50% Fib retracement stage of the current wave from the $2,352 swing low to the $2,463 excessive. A transparent transfer beneath the $2,400 assist would possibly ship the value towards $2,375. The primary assist could possibly be $2,350. Any extra losses would possibly ship the value towards the $2,240 stage.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is shedding momentum within the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 stage.

Main Assist Stage – $2,400

Main Resistance Stage – $2,460

Disclaimer: The article is supplied for academic functions solely. It doesn’t signify the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You might be suggested to conduct your personal analysis earlier than making any funding choices. Use info supplied on this web site fully at your personal danger.



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Tags: BitcoinBTCConsolidatesETHEthereumfollowPriceSurges
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