NEW DELHI (CoinChapter.com) — Ethereum (ETH) is slowly moving higher from $2,165 in February 2024. The price could gather bullish momentum if it clears the $2,350 and $2,440 resistance levels.
In the past few days, there was a downside correction in Bitcoin, Ethereum, and a few other cryptocurrencies. ETH declined below the $2,440 and $2,350 support levels to enter a short-term bearish zone. The price even declined below the $2,250 level before the bulls appeared.
The bulls managed to protect the key support at $2,125. A low was formed at $2,168, and the price is now attempting a fresh increase. There was a recovery wave above the $2,300 level. The price surpassed the 23.6% Fib retracement level of the downward move from the $2,715 swing high to the $2,168 low.
Ethereum is now following a major bullish trend line, with support at $2,240 on the daily chart in February 2024. However, the bulls seem to face a major hurdle near the $2,350 level and the 50-day simple moving average (blue).
A close above the 50-day simple moving average (blue) could increase the chances of a fresh surge. The next major resistance sits at $2,440. It coincides with a connecting trend line and the 50% Fib retracement level of the downward move from the $2,715 swing high to the $2,168 low.
A daily close above the $2,440 resistance zone could set the pace for a fresh rally. In the stated case, Ethereum could revisit the $2,650 resistance. If the bulls clear the $2,580 resistance, the price could see a surge toward the $2,880 resistance in the coming days.
If there is no clear move above the 50-day simple moving average (blue) or $2,440, Ethereum could start another drop in February 2024. The first major support sits near the trend line at $2,240.
The main support sits near the $2,125 level (it represents a multi-touch zone). A downside break below the $2,125 support could spark strong bearish moves. In the stated case, there could be a drop toward the $1,880 support zone. Perhaps more losses may send the price toward the $1,650 level in the coming weeks.
Overall, Ethereum price is consolidating gains and attempting a move above the 50-day SMA in February 2024. A daily close above $2,350 and $2,440 could start a fresh surge toward $2,650 or even $2,880.
Pi Network continues to dangle hope to its followers while failing to give a clear…
Majuro, Marshall Islands, May 21st, 2024, ChainwireMultipool, a leading innovator in the blockchain and cryptocurrency…
LUCKNOW (CoinChapter.com) — The Sei Foundation has announced a governance proposal to transition the network…
Grand Cayman, Cayman Islands, May 21st, 2024, ChainwireSet to hit Mainnet this summer, Sui’s new…
Ethena token might have more bullish cues coming from the success of the project's stablecoin…
NAIROBI (CoinChapter.com) — The probability of a Ethereum(ETH) Spot ETF receiving approval has skyrocketed from 25%…