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Ethereum Price Primed To Hit $3.5K After Bitcoin Rallies Past $60K

February 29, 2024
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Ethereum value climbed to a brand new multi-month excessive above $3,300. ETH is consolidating whereas Bitcoin is gaining tempo above the $60,000 resistance.

Ethereum prolonged its improve above the $3,300 resistance zone.
The value is buying and selling above $3,250 and the 100-hourly Easy Transferring Common.
There’s a connecting bullish development line forming with help at $3,320 on the hourly chart of ETH/USD (information feed by way of Kraken).
The pair may prolong its improve towards $3,420 and even $3,500 within the close to time period.

Ethereum Value Underperforms Bitcoin

Ethereum value began one other regular improve from the $3,150 help zone. ETH cleared the $3,220 and $3,250 resistance ranges to maneuver additional right into a constructive zone.

Nevertheless, Bitcoin carried out higher and rallied considerably above the $58,000 resistance. It surged over 10% and even cleared the $60,000 stage. Ether additionally managed to pump above $3,300. A brand new multi-week excessive is fashioned close to $3,368 and the value is now consolidating features.

It’s buying and selling above the 23.6% Fib retracement stage of the upward wave from the $3,206 swing low to the $3,368 excessive. There may be additionally a connecting bullish development line forming with help at $3,320 on the hourly chart of ETH/USD.

Ethereum is now buying and selling above $3,250 and the 100-hourly Easy Transferring Common. Quick resistance on the upside is close to the $3,365 stage. The primary main resistance is close to the $3,420 stage. The following main resistance is close to $3,450, above which the value may achieve bullish momentum.

Supply: ETHUSD on TradingView.com

If there’s a transfer above the $3,500 resistance, Ether may even rally towards the $3,650 resistance. Any extra features may name for a check of $3,800.

Draw back Correction In ETH?

If Ethereum fails to clear the $3,365 resistance, it may begin a draw back correction. Preliminary help on the draw back is close to the $3,320 stage.

The primary main help is close to the $3,280 zone and the 61.8% Fib retracement stage of the upward wave from the $3,206 swing low to the $3,368 excessive. The following key help may very well be the $3,160 zone. A transparent transfer under the $3,160 help may ship the value towards $3,120. Any extra losses may ship the value towards the $3,050 stage.

Technical Indicators

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

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

Main Assist Degree – $3,265

Main Resistance Degree – $3,365

Disclaimer: The article is supplied for instructional 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’re suggested to conduct your individual analysis earlier than making any funding choices. Use info supplied on this web site fully at your individual threat.



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Tags: 3.5K60KBitcoinEthereumhitPricePrimedRallies
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