• About
  • Contact
  • Privacy Policy
  • Terms and Conditions
Wednesday, June 4, 2025
The VR Soldier
  • Featured
  • News
  • Education
  • NEAR Protocol
  • Solana
  • Fantom
  • Yield Farming
  • Reviews
  • Press Releases
No Result
View All Result
  • Featured
  • News
  • Education
  • NEAR Protocol
  • Solana
  • Fantom
  • Yield Farming
  • Reviews
  • Press Releases
No Result
View All Result
The VR Soldier
No Result
View All Result

Ethereum (ETH) Surged 10% in February, Will it Break the $3k Barrier

Jordan Avery by Jordan Avery
February 13, 2024
in News
Reading Time: 3 mins read
0
Ethereum-Price-ETH 1
Share on TwitterShare on Facebook

Last week, Ethereum ETH price rose above the long-term Fibonacci resistance line. However, the short-term Fibo level stopped the growth of the number 2 cryptocurrency. 

 

Ethereum Crossed Above Fibonacci Resistance Level

The weekly chart shows that Ethereum has been rising since June 2022. The price made two rising lows, accelerating after each of them. 

In November 2023, the token broke through a long-term horizontal resistance level, and in January 2024, it reached a high of $2,717. It is above the 0.382 Fibonacci retracement level. After a short correction, ETH rose above short-term Fib resistance, although it has not yet been able to update its annual high.

The weekly relative strength index (RSI) is giving mixed signals. The indicator is declining, but is still above the neutral level of 50. At the same time, it has formed a triple bearish divergence, which often precedes downward movements.

 

What Do Analysts Say?

Cryptocurrency traders and analysts on Platform X are positive about Ethereum’s potential.

InmortalCrypto believes the bear market accumulation is over:

Wake up honey, bear market accumulation is over.$ETH pic.twitter.com/cZ5t5UUOXJ

— Inmortal (@inmortalcrypto) February 11, 2024


However, OnChainDataNerd noted that the co-founder of Ethereum is allegedly selling part of his assets, and this is a wake-up call:

“15 hours ago,Ethereum co-founder Jeffrey Wilcke (@jeffehh) contributed $4,300 ETH ($10.7 million) to the #Kraken platform at a price of $2,482. It is noteworthy that the last time he transferred tokens to #Kraken ($22 thousand ETH or $41.1 million) at a price of $1870 was on June 5, 2023, just before the market collapse. Its current balance is 146 thousand $ETH ($362 million).”

Other well known analyst considers the long-term trend to be bullish. He sees the price breaking above $10,000 during the upcoming bull run, also he highlighted the recent short-term bullish breakout, predicting it will catalyze a move towards $3,000.

 

Where will ETH head first: $2,000 or $3,000

Neither the weekly chart, nor the daily timeframe does not confirm the direction of the trend. Although it shows that Ethereum has broken through the descending resistance line, the 0.618 Fibonacci retracement level triggered a price rebound from $2,510.

Ethereum-price-
source: tradingview(dot)com

Despite the correction, the daily RSI rose above the neutral level of 50, indicating a bullish trend. If ETH breaks through the 0.618 Fib retracement level, we could expect a new yearly high. Due to the absence of further resistance levels on the chart, the price could rise by 35% in the longer-term. 618 Fib level at $3,350.

Meanwhile, a close below the intermediate support at $2,380 will jeopardize the upward move. In this case, Ethereum could fall 8% to the descending resistance line at $2,300.

 

Tags: cryptocurrencycryptocurrency forecastETHETH Price PredictionEthereumEthereum AnalysisEthereum price predictionFibonacci LevelsMarket TrendsTrading
Previous Post

Franklin Templeton Joins Ark and BlackRock in Pursuit of Spot Ethereum ETF

Next Post

5 Token Unlocks You Need to Keep an Eye on In Febuary 2024

Related Posts

Can XRP Hit $5? Technicals and Whales Say Yes
Market Analysis

Can XRP Hit $5? Technicals and Whales Say Yes

June 4, 2025
bitcoin btc
Featured

K33 Begins Bitcoin Buying with 10 BTC Purchase for Treasury Strategy

June 3, 2025
Binance Beats SEC—Crypto Cheers the Legal Victory
News

Binance Beats SEC—Crypto Cheers the Legal Victory

June 2, 2025
Cardano Tanks 50% From Highs—Hope or Hype Ahead
News

Cardano Tanks 50% From Highs—Hope or Hype Ahead

June 1, 2025
Solana Price Prediction:Is the $200 Dream Dead
News

Solana Price Prediction:Is the $200 Dream Dead?

May 31, 2025
Featured

Netflix Casts Leads for FTX Drama

May 30, 2025

Press Releases

Binance Beats SEC—Crypto Cheers the Legal Victory
News

Binance Beats SEC—Crypto Cheers the Legal Victory

by Alex Mercer
June 2, 2025

Introduction From courtroom drama to crypto karma, Binance is having a moment. The SEC has officially pulled the plug on...

Read more
Bitcoin Gains Ground as Job Market Wobbles—Digital Gold to the Rescue?

Bitcoin Gains Ground as Job Market Wobbles—Digital Gold to the Rescue?

May 25, 2025
Altcoin Season Is Loading—But First, Let Bitcoin Do Its Thing

Altcoin Season Is Loading—But First, Let Bitcoin Do Its Thing

May 23, 2025
Dogecoin’s Ready to Bark Again—Could $0.30 Be the Next Fetch?

Dogecoin Ready to Bark Again—Could $0.30 Be Next

May 20, 2025
Ethereum Climbs While PEPE Reloads—Who's About to Explode

Ethereum Climbs While PEPE Reloads—Who’s About to Explode?

May 18, 2025
The VR Soldier

© 2024 The VR Soldier

Navigate Site

  • About
  • Contact
  • Privacy Policy
  • Terms and Conditions

Follow Us

No Result
View All Result
  • Featured
  • News
  • Education
  • NEAR Protocol
  • Solana
  • Fantom
  • Yield Farming
  • Reviews
  • Press Releases

© 2024 The VR Soldier