Ethereum price is gaining bullish momentum above the USD 2,700 support. ETH remains supported and has more upside towards the USD 3,000 resistance.
- Ethereum is consolidating gains above the USD 2,770 support zone.
- The price is trading above USD 2,780 and the 100-hourly Simple Moving Average.
- A major bullish trendline is forming with support at $2,700 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 remains in strong uptrend
Ethereum price remained well above the USD 2,650 level. ETH rose above the $2,700 mark and, like Bitcoin, moved further into a positive zone. The bulls were able to pump the price above the USD 2,750 and USD 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 major bullish trendline 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 around the $2,850 level. The next major resistance is near USD 2,880, above which the price could rise and test the USD 2,950 resistance.
Source: ETHUSD on TradingView.com
If the bulls push the price above the USD 2,950 resistance, Ether could even peak above the USD 3,000 resistance. In the mentioned case, the price could rise to the USD 3,045 level.
Are dips limited in ETH?
If Ethereum fails to clear the USD 2,825 resistance, it could initiate a downward correction. The initial downside support is near the $2,770 level.
The next major support could be the $2,725 zone. A clear move below the $2,725 support could send the price towards the $2,700 trendline, or the 50% Fib retracement level of the recent rally from the $2,589 swing low to the $2,826 high. The key support could be $2,640 or the 100 hourly SMA. Any further losses could send the price towards the USD 2,550 level.
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 – $2,700
Major resistance level – $2,880
Disclaimer: The article is for educational purposes only. It does not represent NewsBTC’s views on buying, selling or holding investments and of course investing involves risks. You are advised to conduct your own research before making any investment decisions. Use the information on this website entirely at your own risk.