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Ethereum price is gaining bullish momentum above the $2,700 support. ETH remains supported and eyes more upsides toward 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.
- There is a key bullish trend line forming with support at $2,700 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to move up toward the $3,000 resistance zone.
Ethereum Price Remains In Strong Uptrend
Ethereum price remained well-bid above the $2,650 level. ETH settled above the $2,700 barrier to move further into a positive zone, like Bitcoin. The bulls were able to pump the price above the $2,750 and $2,800 levels.
A new multi-week high was formed near $2,826 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the recent rally from the $2,589 swing low to the $2,826 high. 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. 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 might rise and test the $2,950 resistance.
Source: ETHUSD on TradingView.com
If the bulls push the price above the $2,950 resistance, Ether could even spike above the $3,000 resistance. In the stated case, the price could rise toward the $3,045 level.
Are Dips Limited In ETH?
If Ethereum fails to clear the $2,825 resistance, it could start a downside correction. Initial support on the downside is near the $2,770 level.
The next key support could be the $2,725 zone. A clear move below the $2,725 support might send the price toward the trend line at $2,700 or the 50% Fib retracement level of the recent rally from the $2,589 swing low to the $2,826 high. The main support could be $2,640 or the 100 hourly SMA. Any more losses might send the price toward the $2,550 level.
Technical Indicators
Hourly MACD – 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.
Major Support Level – $2,700
Major Resistance Level – $2,880
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
