Ethereum rallied above $2,750 against the US Dollar. ETH price is now consolidating near $2,800 and might rise further above $2,850.
- Ethereum started a fresh increase above the $2,750 resistance level.
- The price is now trading above $2,750 and the 100 hourly simple moving average.
- There is a major bullish trend line forming with support near $2,775 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is consolidating above $2,750 and might start another increase in the near term.
Ethereum Price Eyes More Upsides
Ethereum started a steady increase above the $2,700 resistance zone. ETH even cleared the $2,725 and $2,750 resistance levels to move further into a positive zone.
The price even spiked above the $2,800 level and settled above the 100 hourly simple moving average. A high was formed near $2,828 and the price is now consolidating gains. It corrected a few points below the $2,800 support zone.
There was a move below the 23.6% Fib retracement level of the upward move from the $2,635 swing low to $2,838 high. There is also a major bullish trend line forming with support near $2,775 on the hourly chart of ETH/USD.
Source: ETHUSD on TradingView.com
An immediate resistance on the upside is near the $2,800 level. The first major resistance is near the $2,830 level. Ether price must clear the $2,800 and $2,830 resistance levels to start another increase. In the stated case, the price may perhaps rise towards the $2,880 level. Any more gains might call for a move towards the main $3,000 resistance zone in the coming sessions.
Downside Correction in ETH?
If ethereum fails to start a fresh increase above the $2,830 level, it could start a downside correction. An initial support on the downside is near the trend line support and $2,775.
The next major support is near the $2,750. The main support is now near the $2,730 level. It is near the 50% Fib retracement level of the upward move from the $2,635 swing low to $2,838 high. A downside break below the $2,730 support zone might push the price further lower. In the stated case, the price might drop to $2,680.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now losing pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is still above the 50 level.
Major Support Level – $2,730
Major Resistance Level – $2,830
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