Ethereum price is consolidating above the USD 2,700 resistance. ETH could gain bullish momentum if it breaks the USD 2,785 resistance zone.
- Ethereum is struggling to pace a move above the USD 2,800 level.
- The price is trading above $2,700 and the 100-hourly Simple Moving Average.
- A major bullish trendline is forming with support at $2,720 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if there is a close above $2,780.
Ethereum price begins consolidation
Ethereum price remained steady above the USD 2,650 level. ETH formed a base and started a steady upward move above the USD 2,720 level. There was a move towards the USD 2,820 level.
It reached a high at $2,820 and the price is now correcting gains like those of Bitcoin. There was a small pullback below the USD 2,780 level. The price fell below the 23.6% Fib retracement level of the upward move from the $2,536 swing low to the $2,820 high.
Ethereum price is now trading above $2,720 and the 100-hourly Simple Moving Average. There is also a major bullish trendline forming with support at $2,720 on the hourly chart of ETH/USD.
If another rise occurs, the price may face hurdles near the USD 2,780 level. The first major resistance is around the $2,820 level. A close above the USD 2,820 level could send Ether towards the USD 2,880 resistance. The next major resistance is near USD 2,950. An upside break above the USD 2,950 resistance could send the price higher towards the USD 3,000 resistance zone in the near term.
Another drop in ETH?
If Ethereum fails to clear the USD 2,780 resistance, it could trigger another decline. The initial downside support is near $2,720 and is on the trendline. The first major support is near the $2,675 zone or the 50% Fib retracement level of the upward move from the $2,536 swing low to the $2,820 high.
A clear move below the USD 2,675 support could push the price towards USD 2,620 where the bulls could emerge. Any further losses could send the price towards the USD 2,550 support level in the near term. The next major support is at $2,500.
Technical indicators
hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 zone.
Major support level – $2,720
Major resistance level – $2,780