Check Today's Crypto Market:
Bittime -The price of ETH rose again and reached a new high in the last few months above $3,400. Just like Bitcoin, ETH is currently in a consolidation phase and appears to be preparing for a further bullish rally (price increase).
ETH Price Bullish Trend Strengthens
Leading crypto analyst, Michael Smith, in a short interview with the Indonesian Newspaper, expressed his optimism regarding ETH price movements in the future.
"ETH price managed to penetrate the $3,400 resistance zone. Technical indicators show a strong bullish trend, supported by the formation of a bullish trend line on the hourly chart with support at the $3,250 level," explained Michael.
Ethereum previously managed to stay above the $3,000 pivot level after Bitcoin first experienced a significant surge past the $60,000 resistance and even touched the $64,000 level. ETH also experienced an increase and surpassed the resistance of $3,320.
The price once jumped more than 10% and even approached the $3,500 level, forming a new high point in recent months near $3,496, before finally experiencing a sharp decline. The price correction touched its lowest point at $3,111, but currently ETH is trying to climb back up.
Also Read: ETH IDR vs ETH USDT: Ethereum Trader's Dilemma
Today's ETH Price Real Time
Source: Bittime.com
On February 29 2024, based on today's Bittime market, the price of BTC was observed to have increased by 6.98 % in the last 24 hours. Currently the price of BTC to IDR is IDR 54,661,061.
Also Read How to Buy Crypto:
ETH Technical Analysis
Currently, ETH price is trading above the $3,350 level and the 100 hourly Simple Moving Average (SMA). The formation of a bullish trend line on the hourly chart of ETH/USD with support at $3,250 further strengthens the upward momentum. This trend line is also close to the 61.8% Fibonacci retracement level of the $3,111 (swing low) to $3,465 (swing high) upside move.
Immediate resistance above is around the $3,450 level, followed by major resistance at the $3,500 level. If it manages to pass the $3,550 resistance, ETH has the potential to rally to $3,680, even touching the $3,800 level.
Possible ETH Price Correction
Failure to break the $3,450 resistance may trigger a downward price correction. Initial support is near the $3,380 level. Next, the major support is located around the $3,285 zone. A significant break of the $3,250 support level could take the ETH price to $3,120, potentially even dropping further to $3,050.
ETH Technical Indicators
- Hourly MACD: Moving positively in the bullish zone.
- Hourly RSI: Is above the 50 level, indicating bullish momentum.
Conclusion
With supporting fundamentals and technicals, ETH has the opportunity to continue its bullish trend in the future. However, investors still need to be aware of potential corrections and monitor Bitcoin price movements which often influence altcoin movements, including ETH.
Ethereum (ETH) price is in a strong bullish momentum, marked by reaching a new high in recent months above $3,400. Technical analysis shows a positive trend, supported by indicators such as MACD and RSI which point to the bullish zone.
However, it is necessary to be aware of the potential for ETH price correction if it fails to penetrate the $3,450 resistance. Investors are advised to pay close attention to price movements and fundamental developments that could influence ETH's future movements.
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How to Buy Ethereum (ETH) on Bittime
You can buy and sell Ethereum (ETH) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Bitcoin (BTC) is available on Bittime with the market pair ETH/IDR . To be able to buy ETH/IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Learn the complete guide on how to buy Ethereum (ETH) on Bittime .
Monitor price chart movements for Ethereum (ETH) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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