Ethereum price is showing bullish signs above the USD 2,720 support. ETH expects more gains and could rise towards the $3,000 resistance zone.
- Ethereum is consolidating gains above the USD 2,780 support zone.
- The price is trading above $2,800 and the 100-hourly Simple Moving Average.
- Two bullish trendlines are forming with support at $2,825 and $2,780 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 expects more gains
Ethereum price quickly rose above the USD 2,750 pivot level. ETH bulls were able to pump the price above the USD 2,800 resistance zone. It even spiked above $2,850 before the bears showed up.
A new multi-week high was reached at $2,869 before a downward correction occurred, similar to Bitcoin. There was a small move below the USD 2,850 level. Ether fell below the 23.6% Fib retracement level of the recent wave, from the $2,728 swing low to the $2,869 high.
The bulls are now active above the USD 2,800 level. Ethereum is now trading above $2,800 and the 100-hourly Simple Moving Average. Two bullish trendlines are also 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 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.
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.
Are dips supported in ETH?
If Ethereum fails to clear the USD 2,880 resistance, it could initiate a downward correction. The initial downside support is near the $2,825 level and the first trendline.
The next major support could be the $2,780 zone or the second trendline. It is close to the 61.8% Fib retracement level of the recent wave from the $2,728 swing low to the $2,869 high. A clear move below the USD 2,780 support could send the price towards USD 2,720. The key support could be $2,700 or the 100 hourly SMA. Any further losses could send the price towards the USD 2,600 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 – $2,780
Major resistance level – $2,880
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