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Thursday, February 29, 2024
More
    bitcoin
    Bitcoin (BTC) $ 62,805.83
    ethereum
    Ethereum (ETH) $ 3,474.77
    tether
    Tether (USDT) $ 1.00
    bnb
    BNB (BNB) $ 415.87
    usd-coin
    USDC (USDC) $ 1.00
    xrp
    XRP (XRP) $ 0.594212
    binance-usd
    BUSD (BUSD) $ 1.00
    dogecoin
    Dogecoin (DOGE) $ 0.128547
    cardano
    Cardano (ADA) $ 0.684428
    solana
    Solana (SOL) $ 125.70
    matic-network
    Polygon (MATIC) $ 1.04
    polkadot
    Polkadot (DOT) $ 8.63
    tron
    TRON (TRX) $ 0.143694

    Ethereum Worth Holds Floor As Indicators Counsel Rally To $2,800

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    Ethereum worth climbed greater above the $2,600 resistance. ETH outpaced Bitcoin and is holding positive aspects above the $2,580 assist zone.

    • Ethereum prolonged its enhance above the $2,650 resistance zone.
    • The value is buying and selling above $2,550 and the 100-hourly Easy Shifting Common.
    • There’s a key bullish development line forming with assist at $2,590 on the hourly chart of ETH/USD (knowledge feed through Kraken).
    • The pair may begin a draw back correction if there’s a transfer under the $2,580 assist.

    Ethereum Worth Eyes Extra Upsides

    Ethereum worth remained in a optimistic zone above the $2,500 resistance. ETH even outpaced BTC and climbed above the $2,650 resistance zone. A brand new multi-week excessive was shaped close to $2,683 earlier than the worth corrected positive aspects.

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    There was a transfer under the $2,620 and $2,600 ranges. The value examined the 23.6% Fib retracement degree of the upward transfer from the $2,245 swing low to the $2,683 excessive. There’s additionally a key bullish development line forming with assist at $2,590 on the hourly chart of ETH/USD.

    Ethereum is now buying and selling above $2,550 and the 100-hourly Easy Shifting Common. If there’s a recent enhance, the worth would possibly face resistance close to the $2,640 degree. The subsequent main resistance is now close to $2,680. A transparent transfer above the $2,680 degree would possibly ship ETH towards $2,720. An in depth above the $2,720 resistance may push the worth additional right into a bullish zone.

    Supply: ETHUSD on TradingView.com

    The subsequent key resistance is close to $2,780. If the bulls push Ethereum above $2,780, there may very well be a rally towards $2,880. Any extra positive aspects would possibly ship the worth towards the $3,000 zone.

    See also  Can Ethereum hit $10,000 in 2024?

    Draw back Correction in ETH?

    If Ethereum fails to clear the $2,680 resistance, it may begin a draw back correction. Preliminary assist on the draw back is close to the $2,590 degree and the development line.

    The primary key assist may very well be the $2,465 zone or the 50% Fib retracement degree of the upward transfer from the $2,245 swing low to the $2,683 excessive. A draw back break under the $2,465 assist would possibly ship the worth additional decrease. Within the acknowledged case, Ether may take a look at the $2,350 assist. Any extra losses would possibly ship the worth towards the $2,220 degree.

    Technical Indicators

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

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

    Main Help Stage – $2,465

    Main Resistance Stage – $2,680

    Disclaimer: The article is supplied for instructional functions solely. It doesn’t symbolize 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 selections. Use data supplied on this web site solely at your individual danger.

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