Sunday, March 3, 2024
Home > News > Ethereum News > Ethereum Price Stuck In Range, Is This Bulls Trap or Technical Correction?

Ethereum Price Stuck In Range, Is This Bulls Trap or Technical Correction?

Ethereum price is attempting a fresh increase above the $2,280 resistance. ETH could gain bullish momentum if there is a clear move above $2,350.

  • Ethereum is slowly moving higher from the $2,240 support zone.
  • The price is trading above $2,280 and the 100-hourly Simple Moving Average.
  • There is a rising channel forming with resistance near $2,320 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair might start a fresh increase if it manages to clear the $2,350 resistance zone.

Ethereum Price Stuck Below $2,400

Ethereum price correction gains and traded below the $2,300 level. However, ETH bulls were active near the $2,240 support zone. A low was formed near $2,241 and the price started an upward move, like Bitcoin.

The price is still moving in a broad range below the $2,400 pivot zone. There was a minor increase above the $2,280 and $2,300 resistance levels. The price even tested the 50% Fib retracement level of the downward move from the $2,390 swing high to the $2,241 low.

Ethereum is now trading above $2,280 and the 100-hourly Simple Moving Average. There is also a rising channel forming with resistance near $2,320 on the hourly chart of ETH/USD.

On the upside, the first major resistance is near the $2,315 level. The next major resistance is near $2,320 or the trend line. The next key resistance might be $2,350 or the 76.4% Fib retracement level of the downward move from the $2,390 swing high to the $2,241 low, above which the price might rise and test the $2,400 resistance.

Source: ETHUSD on TradingView.com

If the bulls push the price above the $2,400 resistance, they could aim for $2,480. A clear move above the $2,480 level might send the price further higher. In the stated case, the price could rise toward the $2,550 level.

Another Decline in ETH?

If Ethereum fails to clear the $2,350 resistance, it could start another decline. Initial support on the downside is near the $2,290 level or the 100 hourly SMA.

The next key support could be the $2,240 zone. A clear move below the $2,240 support might send the price toward $2,200. The main support could be $2,120. Any more losses might send the price toward the $2,080 level.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now above the 50 level.

Major Support Level – $2,240

Major Resistance Level – $2,350

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Source