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Tuesday, February 20, 2024

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Ethereum Corrects Gains, Here’s What Could Trigger Fresh Rally

Ethereum extended its rally and it traded to a new all-time high above $3,520 against the US Dollar. ETH price is correcting gains, but it is likely to start a fresh rally above $3,400.

Ethereum extended its rally above $3,500 and it traded to a new all-time high near $3,525.
The price is now trading well above $3,200 and the 100 hourly simple moving average.
There is a crucial breakout pattern forming with support near $3,260 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could either rally again above $3,400 or it might dive to test the $3,000 support.

Ethereum Price Signaling Fresh Rally
Ethereum remained in a strong uptrend above the $3,200 level. ETH outpaced bitcoin and it climbed above the $3,450 resistance zone to move further into a positive zone.
It traded to a new all-time high near $3,528 and it settled nicely above the 100 hourly simple moving average. Ether price is now correcting gains and it traded below the $3,400 support. There was also a spike below the $3,250 level, but the bulls defended the $3,200 support.
A low is formed near $3,211 and the price is now consolidating. It recovered above the $3,300 and $3,350 levels. There was a break above the 50% Fib retracement level of the recent decline from the $3,437 high to $3,211 low.

Source: ETHUSD on TradingView.com
However, the price is struggling to gain pace above $3,380. It failed to clear the 76.4% Fib retracement level of the recent decline from the $3,437 high to $3,211 low. There is also a crucial breakout pattern forming with support near $3,260 on the hourly chart of ETH/USD.
A successful break above the triangle resistance and $3,380 could start a fresh rally. The next major hurdle for the bulls could be $3,450 or $3,500.
More Upsides in ETH?
If Ethereum fails to climb above $3,380, it could decline further. An immediate support on the downside is near the $3,260 level and the triangle lower trend line.
If there is a downside break below the triangle trend line, the price might even trade below $3,200. In the stated case, ether price may possibly decline towards the $3,000 support.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is just below the 50 level.
Major Support Level – $3,260
Major Resistance Level – $3,380

Claude Freeman
Claude Freeman
I have been in the Crypto industry for over 10 years. I have seen it grow from a small niche to a global phenomenon. I have written for some of the most popular publications in the space, including CoinDesk and Bitcoin Magazine. I am currently working on my second book, which is about the history of money and how cryptocurrency is changing the way we think about it.

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