Fri. Feb 23rd, 2024

• Ethereum’s ETH is attempting a fresh increase from the $1,880 support.
• The price could surge if it clears $1,925 and then $1,975 in the coming sessions.
• Any major change might impact Bitcoin and Ethereum in the short term.

Ether Price Attempts Fresh Increase

Ether is trading above a major bullish trend line with support near $1,885 on the 4-hour chart. The price could rally 20% if there is a close above the 50 Simple moving average (4 hours, blue). Ethereum is attempting a fresh increase from the $1,880 support as it holds that key level.

Price Could Surge If Clears Resistance Levels

The bulls need to break above several resistance levels including $1,925 and then $1,975 in order for Ether to start its next leg of an uptrend. A successful close above the $1,975 resistance could send Ethereum toward the $2,030 resistance. The next major resistance is near $2,120, above which the price could surpass the $2,200 hurdle and aim for a test of $2,320.

Bearish Wave Possible

If Ethereum fails to clear those resistances mentioned earlier then there’s risk of another bearish wave forming as bears may try to protect their positions by pushing prices below immediate support at around at around$1,900 and further down towards key supports at around$1

By admin