Ethereum continued to follow Bitcoin’s pattern, breaking through several barriers to reach a new multi-month high today. Despite posting almost 50% gains in the month, it currently shows no signs of weakness.

The past month has been an interesting moment for Ethereum as it consistently increased to a peak of $3.1k, showing signs of strength by the day.

This came after breaking through the $2.7k resistance level two weeks ago, followed by a slight surge above the much-anticipated $3k psychological level last week. The price fell briefly and resurged, closing that week well above the mentioned level.

Earlier today, the price increased to $3,112 after adding a few dollars overnight. A rejection occurred there and the price slipped slightly. It trades well above the psychological level with no signs of slowing down rally at the moment. We can expect more increase in the next few days.

Losing this psychological level could bring a small correction in the market just like the one we saw in January. Looking at the price actions, the bulls appeared not giving up on the daily chart.

Aside from doubling its price in the last four months of trading, the trend remains bullish from a mid-term perspective. ETH’s market cap stands at $367.6 billion, with an 18.5% dominance at the time of writing.

ETH’s Key Level To Watch

Source: Tradingview

A close above the current daily high of $3,112 could allow buying to the $3,200 level. Scaling through this level could push the price to $3,300.

The $3,000 level is now serving as an important support. A drop below this support could trigger a pullback to the $2,867 and $2,717 levels in the coming days. Other supports are located at $2,566 and $2,445.

Key Resistance Levels: $3,112, $3,200, $3,300

Key Support Levels: $3,000, $2,867, $2,717

Spot Price: $3,094
Trend: Bullish
Volatility: High

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: bizoon/123RF // Image Effects by Colorcinch

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Filed under: Bitcoin - @ February 27, 2024 5:22 pm