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.
Ethereum Price Eyes Fresh Surge in February 2024
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.
Another Drop In ETH?
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.
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