Ethereum price pumped 17.6% in the past 7 days and reached a new all-time high of $2,930.8 on Feb 19, 2024, breaking the previous record high of $2,717 set on Jan 12, 2024.
Ethereum (ETH) has been on a strong uptrend since the start of the year, outperforming Bitcoin (BTC) and many other altcoins.
ETH Price Action Indicates a Rally to $3,000 Soon
ETH/USD on the daily timeframe has been trading in a rising channel since October 23, 2023, forming higher highs and higher lows.
The channel’s support and resistance levels have been tested several times, confirming their validity. The most recent test of the channel’s resistance occurred on February 16, 2024, when ETH broke above $2,830.
The ETH price also finds support from the moving averages, which are in a bullish alignment. The 50-day simple moving average (SMA) is above the 100-day SMA, which is above the 200-day SMA, indicating a strong uptrend.
The 50-day SMA also acts as a dynamic support, as the price bounced off it on January 7, 2024, and February 5, 2024.
The relative strength index (RSI) is currently at 78, which is in the overbought territory. This suggests that the buyers are in control and that the momentum is positive.
However, it also implies that the price may be due for a correction or consolidation soon, as the market may be overextended. This may present a nice opportunity later to buy in lower.
Ethereum Price Prediction
The next major resistance level for ETH is at $3,000, which is a psychological barrier and a round number. If ETH can break above this level, it may trigger a new wave of buying pressure and push the price higher toward $3,200 and $3,400.
On the other hand, if ETH fails to sustain above $2,900, it may face some selling pressure and pull back to the lower levels.
The first support level is at $2,720 which is the previous all-time high and a potential role reversal level. If this level is broken, the next support level is at $2,400, which is the 50-day SMA.
Below this level, the 100-day and 200-day SMAs are likely to provide strong support, currently at around $2,300 and $2,150, respectively.
Incase ETH investors are wondering where they can channel their profits for 100x gains, Smog is the newest meme coin in the crypto space, and it recently bridged over to the Ethereum mainnet.
SMOG Token Surges 6,000%, Biggest Airdrop Ever Loading for Holders
Smog, one of the hottest meme coins right now, is a token launched on Solana that rewards users for buying, holding, and staking the platform’s native token, $SMOG.
Smog has a market cap of over $52 million and a price of $0.06766, as of February 19, 2024, 11:17 a.m UTC. The token has seen a massive 6,000% price increase since its release on Feb 7, 2024, and reached an all-time high of $0.0948.
There is a total supply of 1.4 billion SMOG tokens, of which 35% is allocated for airdrop rewards.
Participate in SMOG Airdrop: The Next Big Giveaway
Facilitated by Zealy, Smog’s airdrop participants can earn airdrop points by engaging with Smog’s social media, participating in quests, and through on-chain activity: buying, holding, and staking.
Users can then redeem their points for SOL, the native token of Solana, one of the industry’s fastest and most scalable blockchains.
Smog has also expanded to Ethereum using a bridge via Wormhole and PortalBridge. With this expansion, Smog can tap into the vast Ethereum ecosystem and reach more potential users and investors.
If you are interested in Smog, you can buy and trade it on decentralized exchanges such as Raydium and Jupiter, where the most active trading pair is SMOG/SOL.
You can also buy SMOG on the Ethereum network using your Metamask wallet on the official Smog website.
