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Saturday, February 17, 2024

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Ethereum Dips Turn Attractive, Key Indicators Point Fresh Increase

Ethereum extended its increase above the $4,200 resistance against the US Dollar. ETH corrected gains, but it is well supported above the $4,000 pivot level.

Ethereum started a fresh increase above the $4,000 and $4,200 resistance levels.
The price is now trading above $4,100 and the 100 hourly simple moving average.
There is a key bullish trend line forming with support near $4,050 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a fresh increase if it stays above the $4,010 support zone.

Ethereum Price Eyes Fresh Increase
Ethereum gained pace above the $4,200 level and the 100 hourly simple moving average. ETH price traded as high as $4,371 before it started a downside correction.
The price is now trading below the $4,200 level. It even spiked below $4,100, but the bulls were active above the $4,000 level. A low is formed near $4,012 and the price is now rising. There was a break above the $4,050 and $4,100 resistance levels.
Ether price climbed above the 23.6% Fib retracement level of the recent decline from the $4,371 swing high to $4,012 low. An immediate resistance on the upside is near the $4,200 level.
The 50% Fib retracement level of the recent decline from the $4,371 swing high to $4,012 low is also near the $4,200 zone. The next major resistance is near the $4,240 level, above which the price might gain bullish momentum.

Source: ETHUSD on TradingView.com
In the stated case, the price might rise towards the $4,300 level. Any more gains could lift the price towards the next key hurdle at $4,500.
Dips Limited in ETH?
If ethereum fails to continue higher above the $4,200 and $4,240 resistance levels, it could start a fresh downside correction. An initial support on the downside is near the $4,080 level.
The first key support is now forming near the $4,050 level and the trend line zone. A downside break below the trend line might even push the price below the $4,000 support. The next key support is near $3,950, below which the price might decline towards the $3,800 level in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $4,000
Major Resistance Level – $4,240

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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