Ethereum price started a fresh increase above the $2,800 zone. ETH is now consolidating gains and might aim for a fresh move above $3,000.
- Ethereum started a fresh increase above the $2,850 level.
- The price is trading above $2,840 and the 100-hourly Simple Moving Average.
- There is a key bullish trend line forming with support at $2,885 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh increase if it remains supported above the $2,840 zone in the near term.
Ethereum Price Rallies Above $2,880
Ethereum price started a fresh increase above the $2,750 zone, like Bitcoin. ETH price gained pace for a move above the $2,800 resistance zone and entered a positive zone.
The bulls even pumped the price above $2,880. Finally, it tested the $3,000 zone. A high was formed at $3,000 and the price is now consolidating gains. It is stable above the 23.6% Fib retracement level of the upward move from the $2,515 swing low to the $3,000 high.
Ethereum price is now trading above $2,880 and the 100-hourly Simple Moving Average. Besides, there is a key bullish trend line forming with support at $2,885 on the hourly chart of ETH/USD.
On the upside, the price could face resistance near the $2,980 level. The next key resistance is near the $3,000 level. The first major resistance is near the $3,040 level. A clear move above the $3,040 resistance might send the price toward the $3,120 resistance.
An upside break above the $3,120 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,200 resistance zone or even $3,220 in the near term.
Are Downsides Limited In ETH?
If Ethereum fails to clear the $3,000 resistance, it could start a downside correction. Initial support on the downside is near the $2,920 level. The first major support sits near the $2,880 zone and the trend line.
A clear move below the $2,880 support might push the price toward the $2,750 support or the 50% Fib retracement level of the upward move from the $2,515 swing low to the $3,000 high. Any more losses might send the price toward the $2,720 support level in the near term. The next key support sits at $2,650.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $2,880
Major Resistance Level – $3,000
