Ethereum price is rapidly gaining above the USD 2,800 support. ETH expects more gains and could rise towards the $3,000 resistance zone.
- Ethereum is consolidating gains above the USD 2,820 support zone.
- The price is trading above USD 2,850 and the 100-hourly Simple Moving Average.
- A connecting bullish trendline is forming with support at $2,850 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise towards the $3,000 resistance zone.
Ethereum price eyes upside breakout
Ethereum price remained stable and slowly rose above the USD 2,800 pivot level. ETH even outperformed Bitcoin, climbing to a new weekly high above the $2,850 level.
A new multi-week high is being formed near USD 2,894 and the price is now consolidating gains. Ether is steady above the 23.6% Fib retracement level from the recent move from the $2,722 swing low to the $2,894 high. A connecting bullish trendline is also forming with support at $2,850 on the hourly chart of ETH/USD.
Ethereum is now trading above $2,850 and the 100-hourly Simple Moving Average. The immediate resistance on the upside is near the USD 2,895 level. The first major resistance is around the $2,920 level. The next major resistance is near USD 2,940, above which the price could rise and test the USD 3,000 resistance zone.
Source: ETHUSD on TradingView.com
If the bulls push the price above the USD 3,000 resistance, Ether could even move towards the USD 3,120 resistance. In the mentioned case, the price could rise towards the USD 3,250 level in the short term. Any gains could require a $3,400 test.
Disadvantage correction in ETH?
If Ethereum fails to clear the USD 2,895 resistance, it could initiate a downward correction. The initial downside support is near the $2,850 level and the trendline zone.
The next major support could be the $2,800 zone or 50% Fib retracement level from the recent move from the $2,722 swing low to the $2,894 high. A clear move below the USD 2,800 support could send the price towards USD 2,780 or the 100-hourly Simple Moving Average. The main support could be at USD 2,720. Any further losses could send the price towards the USD 2,640 level in the coming sessions.
Technical indicators
hourly MACD – The MACD for ETH/USD is gaining strength in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 level.
Major support level – $2,780
Major resistance level – $2,895
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