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02/23/2024

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Ethereum's Price Is at a Critical Point: Could It Jump to $3200?

The price of Ethereum is having a tough time going above the $3,030 mark. It's kind of stuck and might begin to go down below the $2,930 support level. Recently, Ethereum tried to go past the $3,000 mark again, but it couldn't quite make it.

Ethereum's Price Is at a Critical Point: Could It Jump to $3200?

The price of Ethereum is having a tough time going above the $3,030 mark. It’s kind of stuck and might begin to go down below the $2,930 support level. Recently, Ethereum tried to go past the $3,000 mark again, but it couldn’t quite make it.

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The sellers were strong above $3,000, and even though it reached around $3,036, it started going down again, similar to what happened with Bitcoin.

Ethereum’s Price Movement and Key Levels

Ethereum’s price recently experienced a dip below the $3,000 and $2,980 levels, dropping below the 50% Fibonacci retracement level of its upward move from the $2,865 low to the $3,036 high. Despite this, the bulls have shown activity around the $2,940 mark.

Currently, Ethereum is trading above $2,930 and the 100-hourly Simple Moving Average. An important bullish trend line is forming, with support at $2,930 on the hourly chart of ETH/USD. This trend line coincides closely with both the 100-hourly Simple Moving Average and the 61.8% Fibonacci retracement level of the earlier upward move.

Source: ETHUSD on TradingView.com

Looking ahead, immediate resistance lies near the $2,980 level, followed by a major hurdle at $3,000. Beyond that, the next significant resistance is around $3,035. If Ethereum manages to surpass this level, it could aim for the $3,080 resistance zone. Further gains might propel it towards the $3,200 resistance, with potential for testing $3,250 if the bullish momentum continues.

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Potential Ethereum Price Movement and Support Levels

If Ethereum fails to break through the $3,000 resistance barrier, it could face further downward pressure. Initial support is anticipated around the $2,930 level, in line with the 100-hourly Simple Moving Average.

The first significant support level lies near $2,865, followed by the key support zone around $2,820. A decisive move below $2,820 may lead to a downward trajectory towards $2,720. Subsequent losses could potentially drive the price towards the $2,550 level in the days ahead.

Technical Indicators

Hourly MACD: The MACD indicator for ETH/USD is showing signs of weakening momentum within the bullish zone.

Hourly RSI: The Relative Strength Index (RSI) for ETH/USD has dipped below the 50 level, indicating a potential shift towards bearish sentiment.

Key Levels to Watch

  • Major Support Level: $2,865
  • Major Resistance Level: $3,000

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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  • Salim

    "Salim is a news writer at CryptosHeadlines who creates excellent, well-optimized content to ensure user satisfaction. He is skilled in forecasting News About Cryptocurrency Market & blockchain Industry."

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