ethereum price is showing bullish signs above the $2,720 support. eth sees further gains and could rise towards the $3,000 resistance zone.
- ethereum is consolidating gains above the $2,780 support zone.
- The price is trading above $2,800 and the 100 hourly simple moving average.
- Two bullish trend lines are forming with support at $2,825 and $2,780 on the hourly chart of eth/USD (data via Kraken).
- The pair could continue rising towards the $3,000 resistance zone.
ethereum Price Sees More Gains
ethereum price gained pace above the $2,750 pivot level. eth bulls were able to lift the price above the $2,800 resistance zone. It even surpassed $2,850 before the bears appeared.
A new multi-week high was formed at $2,869 before a downward correction occurred, like bitcoin. There was a minor move below the $2,850 level. Ether fell below the 23.6% Fibonacci retracement level of the recent wave from the low of $2,728 to the high of $2,869.
The bulls are now active above the $2,800 level. ethereum is now trading above $2,800 and the 100 hourly simple moving average. There are also two bullish trend lines forming with support at $2,825 and $2,780 on the hourly chart of eth/USD.
The immediate resistance is near the $2,880 level. The first major resistance is near the $2,920 level. The next major resistance is near $2,940, above which the price could rise and test the $3,000 resistance.
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Fountain: ETHUSD on TradingView.com
If the bulls push the price above the $3,000 resistance, Ether could even rally towards the $3,120 resistance. In the indicated case, the price could rise towards the $3250 level.
Are drops in eth supported?
If ethereum fails to overcome the $2,880 resistance, it could start a downward correction. Initial support on the downside is near the $2,825 level and the first trend line.
The next key support could be the $2,780 area or the second trend line. It is close to the 61.8% Fibonacci retracement level of the recent wave from the low of $2,728 to the high of $2,869. A clear move below the $2,780 support could send the price towards $2,720. The main support could be $2,700 or the 100 hourly SMA. Any further losses could send the price towards the $2,600 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: $2,780
Main resistance level: $2,880
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