ethereum price is gaining bullish momentum above the $2,700 support. eth remains supported and sees further upside towards the $3,000 resistance.
- ethereum is consolidating gains above the $2,770 support zone.
- The price is trading above $2,780 and the 100 hourly simple moving average.
- A key bullish trend line is forming with support at $2,700 on the hourly chart of eth/USD (data via Kraken).
- The pair could continue rising towards the $3,000 resistance zone.
ethereum price remains in a strong uptrend
ethereum price remained well bid above the $2,650 level. eth settled above the $2,700 barrier to move towards a positive zone, like bitcoin. The bulls were able to lift the price above the $2,750 and $2,800 levels.
A new multi-week high formed near $2,826 and the price is now consolidating gains. It is trading above the 23.6% Fibonacci retracement level of the recent rally from the low of $2,589 to the high of $2,826. There is also a key bullish trend line forming with support at $2,700 on the hourly chart of eth/USD.
ethereum is now trading above $2,780 and the 100 hourly simple moving average. The immediate resistance is near the $2,825 level. The first major resistance is near the $2,850 level. The next major resistance is near $2,880, above which the price could rise and test the resistance of $2,950.
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Fountain: ETHUSD on TradingView.com
If the bulls push the price above the $2,950 resistance, Ether could even surpass the $3,000 resistance. In the indicated case, the price could rise towards the $3,045 level.
Are drops in eth limited?
If ethereum fails to overcome the $2,825 resistance, it could start a downward correction. Initial support on the downside is near the $2,770 level.
The next key support could be the $2,725 area. A clear move below the $2,725 support could send the price towards the trend line at $2,700 or the 50% Fibonacci retracement level of the recent rally from the low of $2,589 to the high of $2,826. The main support could be $2,640 or the 100 hourly SMA. Any further losses could send the price towards the $2,550 level.
Technical Indicators
MACD hourly – The MACD for eth/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for eth/USD is now above the 50 level.
Main Support Level: $2,700
Main resistance level: $2,880
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