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Tuesday, February 20, 2024

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Ethereum Could See “Liftoff” if It’s Able to Hold One Crucial Level

Ethereum is consolidating above the $3,320 support against the US Dollar. ETH price must clear $3,450 to start a fresh increase in the near term.

Ethereum is holding gains above the $3,320 support zone.
The price is now trading above $3,320 and the 100 hourly simple moving average.
There is a key contracting triangle forming with resistance near $3,415 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start another increase if it clears the $3,435 and $3,450 resistance levels.

Ethereum Price Eyes More Gains
Ethereum started a minor downside correction from the $3,480 zone. ETH declined below the $3,450 and $3,440 support levels. It even spiked below the $3,400 level, but the bulls were active near the $3,335 level.
A low was formed near $3,335 and the price is now rising. It surpassed the $3,400 resistance level. There was a move above the 50% Fib retracement level of the recent decline from the $3,482 high to $3,334 low. However, the price is facing resistance near the $3,420 level.
It faced sellers above the 61.8% Fib retracement level of the recent decline from the $3,482 high to $3,334 low. There is also a key contracting triangle forming with resistance near $3,415 on the hourly chart of ETH/USD.

Source: ETHUSD on TradingView.com
The next major resistance is near the $3,450 level. Ether price must clear the $3,450 resistance to start a fresh surge. In the stated case, the price could even surpass $3,500. The next major stop for the bulls on the upside may perhaps be $3,650.
Dips Supported in ETH?
If ethereum fails to start a fresh increase above the $3,420 level, it could start another downside correction. An initial support on the downside is near the $3,360 zone.
The next major support is near the $3,350 level. The main support is near the $3,320 zone and a connecting bullish trend line. A downside break below the $3,320 support zone and the 100 hourly simple moving average might put a lot of pressure on the bulls in the near term. In the stated case, ether price might slide to $3,250.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly losing pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $3,320
Major Resistance Level – $3,450

Christian Robinson
Christian Robinson
I’m a regular contributor to Forbes, CoinDesk, and Bitcoin Magazine, among others. My work focuses on providing analysis of the latest trends in the crypto industry, as well as offering insights into investment opportunities. I have a strong track record of identifying emerging technologies and assets that can achieve significant growth. As such, I believe that I am uniquely positioned to help investors navigate the ever-changing landscape of cryptocurrency.

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