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Saturday, February 17, 2024

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Here’s Why Ethereum (ETH) Could Surge Above $2.7K and Test $3K

Ethereum is stable above the $2,500 support zone and the 100 hourly SMA against the US Dollar. ETH price is likely to rally if there is a clear break above $2,700.

Ethereum is trading in a positive zone above the $2,500 and $2,520 support levels.
The price is now trading above $2,600 and the 100 hourly simple moving average.
There was a break above a short-term contracting triangle with resistance near $2,600 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a steady increase if it breaks the $2,750 resistance zone in the near term.

Ethereum Price Is Showing Positive Signs
Yesterday, ethereum gained pace above the $2,500 resistance zone. ETH broke the $2,600 resistance zone and it settled nicely above the 100 hourly simple moving average.
The price even traded close to the $2,750 level and a high was formed near $2,746. Recently, there was a downside correction below the $2,700 level. Ether declined below the 23.6% Fib retracement level of the upward move from the $2,275 swing low to $2,746 high.
The price tested the $2,500 support zone and the 100 hourly simple moving average. It also tested the 50% Fib retracement level of the upward move from the $2,275 swing low to $2,746 high.

Source: ETHUSD on TradingView.com
It is now rising and it reclaimed the $2,600 level. There was a break above a short-term contracting triangle with resistance near $2,600 on the hourly chart of ETH/USD. The pair is now facing resistance near the $2,650 level. The first major resistance is near the $2,700 level.
The main breakout resistance is now forming near the $2,750 level. A close above the $2,750 level could start a major increase towards the $2,850 level or even $3,000 in the near term.
Dips Supported in ETH?
If Ethereum fails to clear the $2,700 and $2,750 resistance levels, it could start a downside correction. An initial support on the downside is near the $2,550 level.
The main support is now forming near the $2,500 level and the 100 hourly SMA. A downside break below $2,500 may possibly put a lot of pressure on the bulls. The next key support is near the $2,450 level and a connecting bullish trend line.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly gaining pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently above the 50 level.
Major Support Level – $2,500
Major Resistance Level – $2,750

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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