Thursday, February 25, 2021

Ethereum (ETH) Maintains Stability above $1,280, Why a Rally Restart Is Possible

Ethereum (ETH) retraced and tested the $1,250 support zone against the USD. The price of ETH is consolidating above $1,280. The second-largest cryptocurrency by market cap looks ready for a fresh rally in the near term.

Ethereum (ETH) Price Is Maintaining Key Support

About 24 hours ago, there was a downside correction in Ethereum below the $1,350 and $1,300 support levels. The price of the digital currency even dropped below the $1,280 support level and the 100 hourly simple moving average.

Read Also: Gemini’s Cameron Winklevoss States What Will Impact Ethereum (ETH) Price in the Future

ETH tested the $1,250 support area but recovered quickly and steadily above $1,300. There was a break above the $1,350 resistance and a close above the 100 hourly simple moving average. However, ether price failed to surpass the $1,400 resistance zone.

Ethereum (ETH) Maintains Stability above $1,280, Why a Rally Restart Is Possible

Source: ETHUSD on TradingView.com

A high was formed near $1,388 and the price is currently correcting lower. It is testing the 50% Fib retracement level of the upward wave from the $1,251 swing low to $1,388 high. There is also a crucial contracting triangle forming with support near $1,275 on the hourly chart of ETH/USD.

The triangle support is close to the 76.4% Fib retracement level of the upward wave from the $1,251 swing low to $1,388 high. On the upside, the triangle resistance is near the $1,360 and $1,365 levels.

The main resistance is near the $1,385 and $1,400 levels. A successful close above the $1,400 resistance could open the doors for a fresh surge towards the $1,450 and $1,480 levels.

Read Also: When $400 Was Support for Ethereum (ETH) It Bounced 2x to Hit $800 –The Crypto Dog

Dips Supported in Ethereum (ETH)?

If Ethereum (ETH) struggles to remain stable above $1,300, it could correct further. Initial support on the downside is near the $1,280 level and the triangle trend line.

The main support is now forming near the $1,250 level. If ETH fails to stay above the $1,250 support, it could drop further towards the $1,180 and $1,165 support levels.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is slowly moving in the bullish zone.

Hourly RSIThe RSI for ETH/USD is currently close to the 50 level.

Major Support Level – $1,280

Major Resistance Level – $1,380

Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

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