Ethereum has seen a 5% uptick, making a push towards $2,700. Currently consolidating gains, there is potential for a further move towards $2,800 or even $3,000.
The consolidation phase is taking place below the $2,700 resistance level, with the current price maintaining above $2,600 and the 100-hourly Simple Moving Average. Notably, a bullish flag pattern was breached with resistance at $2,500 on the hourly chart of ETH/USD via Kraken’s data feed.
Sustaining above the $2,630 support zone could pave the way for a fresh upward movement in the pair.
Ethereum initiates a new upward surge in its price.
The Ethereum price demonstrated stability above the $2,420 resistance, establishing a foundation for a renewed surge. Breaking through the $2,500 resistance, Ethereum outpaced Bitcoin.
On the hourly chart of ETH/USD, a bullish flag pattern resistance at $2,500 was breached, leading to a notable 5% gain. The price climbed convincingly above the $2,600 barrier, approaching the $2,700 level, reaching a peak around $2,681 before entering a consolidation phase.
While there was a slight dip below $2,660, Ethereum remains above the 23.6% Fibonacci retracement level from the recent rally ($2,472 swing low to $2,681 high). The asset also maintains its position above $2,620 and the 100-hourly Simple Moving Average.
In the event of another surge, the price could surpass the $2,660 level, with the initial major resistance at $2,680. Subsequently, the next significant hurdle stands at $2,720, and a breakthrough could propel the price to test the $2,800 resistance level.
![](https://sollcrypto.com/wp-content/uploads/2024/02/Screen-Shot-2024-02-13-at-9.06.03-AM.png)
Should the bullish momentum persist, there is potential for the price to exceed the $2,800 resistance. In such a scenario, the price might ascend towards the $3,000 level.
Is there a restriction on downward movements in Ethereum (ETH)?
If Ethereum encounters difficulty surpassing the $2,680 resistance, a potential downturn may ensue. Initial support on the downside is anticipated around the $2,630 level.
The subsequent crucial support zone lies at $2,600. A definitive drop below the $2,600 support could lead the price towards $2,575 or the 50% Fibonacci retracement level of the recent rally from the $2,472 swing low to the $2,681 high. The primary support level might be at $2,520 or the 100-hourly Simple Moving Average (SMA). Further losses could potentially drive the price towards the $2,400 level.
Analyzing technical indicators, the hourly Moving Average Convergence Divergence (MACD) for ETH/USD indicates a diminishing bullish momentum. Meanwhile, the hourly Relative Strength Index (RSI) for ETH/USD is currently positioned above the 50 level.
Key Levels:
- Major Support Level: $2,630
- Major Resistance Level: $2,680