Ethereum price is showing positive signs above the USD 2,850 support. ETH expects more gains and could rise towards the $3,000 resistance zone.
- Ethereum is slowly moving higher above the $2,800 support zone.
- The price is trading above USD 2,850 and the 100-hourly Simple Moving Average.
- A major bullish trendline is forming with support at $2,910 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 supported
Ethereum price remained well bid and slowly rose above the USD 2,850 level. ETH even managed to break the $2,920 resistance zone and outperformed Bitcoin.
However, there was no test of the $3,000 resistance zone. A new multi-week high is formed near $2,984 and the price is now consolidating gains. Ether is steady near the 23.6% Fib retracement level of the recent wave from the $2,723 swing low to the $2,984 high.
There is also a major bullish trendline forming with support at $2,910 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 $2,940 level. The first major resistance is around the $2,985 level. The next major resistance is near USD 3,000, above which the price could rise and test the USD 3,050 resistance zone.
Source: ETHUSD on TradingView.com
If the bulls push the price above the USD 3,050 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 $3,350 test.
Disadvantage correction in ETH?
If Ethereum fails to clear the USD 2,940 resistance, it could initiate a downward correction. The initial downside support is near the $2,910 level and the trendline zone.
The next major support could be the $2,850 zone or 50% Fib retracement level of the recent wave, from the $2,723 swing low to the $2,984 high. A clear move below the USD 2,850 support could send the price towards USD 2,840 or the 100-hourly Simple Moving Average. The main support could be at USD 2,780. Any further losses could send the price towards the USD 2,720 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 – $2,850
Major resistance level – $2,940
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