NEW DELHI (CoinChapter.com) — Ethereum (ETH) February analysis shows extreme possibilities for a rally. It is up nearly 10% from $2,165 in the last 24 hours. The price shows many bullish signs, with the next upside target sitting around $2,850.
Ethereum February Analysis: Bullish Breakout Ahead
In the previous analysis, we discussed how Ethereum could start a fresh rally if it clears the 50-day simple moving average (blue). The bulls did remain active above the $2,125 support zone and were able to start a fresh rally. There was a strong increase above the $2,400 level and the 50-day simple moving average (blue).
The recent upward trend in Bitcoin helped Ethereum clear the key hurdle at $2,440. As a result, there was a steady increase above the $2,550 resistance. The price surpassed the 76.4% Fib retracement level of the downward wave from the $2,716 swing high to the $2,168 low.
Ethereum’s February analysis shows the price following a key bullish trend line with support at $2,330 on the daily chart. The first major resistance on the upside is visible near the last swing high at $2,715.
A clear move above the $2,715 resistance could send Ether further higher. The next major resistance sits at $2,850. It coincides with the 1.236 Fib extension level of the downward wave from the $2,716 swing high to the $2,168 low. If the bulls clear the $2,850 resistance, the price could surge toward the $3,000 resistance in the coming days.
The second ETH ETF application was recently filled by $1.5 trillion asset manager Franklin Templeton. This could drive the market further higher.
Second #ETH #ETF filing now with Franklin Templeton
joining Ark 21Shares https://t.co/emMLaXNGie pic.twitter.com/GQF92U01Tn
— Chad Steingraber (@ChadSteingraber) February 12, 2024
Dips Attractive In ETH?
Per the Ethereum February analysis, If ETH’s price struggles to clear the $2,715 high, there could be a short-term pullback. Immediate support sits near the $2,580 level. The first major support sits near the $2,440 (the recent breakout zone).
The main support sits near the $2,330, the 50-day simple moving average (blue), and the trend line. A downside break below the $2,330 support could spark strong bearish moves. In the stated case, there could be a drop toward the $2,125 support zone. Perhaps more losses may send the price toward the $2,000 level in the coming weeks.
Overall, Ethereum price is gaining bullish momentum above $2,600 and is well above the 50-DSMA. The next major target for ETH bulls could be $2,850 or even $3,000 soon.
The post Ethereum February Analysis: ETH Could Hit $2,850 Next appeared first on CoinChapter.
