Ethereum price is consolidating above the $2,700 resistance level. ETH can gain bullish momentum if it breaks the $2,785 resistance level.
- Ethereum is struggling to gain speed to move above the $2,800 level.
- The price is trading above $2,700 and the 100 hourly simple moving average.
- On the ETH/USD hourly chart based on data provided by Kraken, there is a support line forming at $2,720, with a major bullish trend line forming.
- If the price closes above $2,780, the pair could gain bullish momentum.
Ethereum price consolidation begins
The Ethereum price has been stable above the $2,650 level. ETH has been forming a base and has been steadily rising above the $2,720 level. There has been a move towards the $2,820 level.
A high was formed at $2,820 and the price is now correcting its uptrend like Bitcoin. There was a slight pullback below the $2,780 level. The price fell below the 23.6% Fibonacci correction level of the uptrend from the $2,536 swing low to the $2,820 high.
The Ethereum price is currently trading above $2,720 and the 100-hourly simple moving average. There is also a major bullish trend line forming at $2,720 on the hourly chart of ETH/USD.
If there is another uptrend, the price may hit a hurdle near the $2,780 level. The first major resistance is near the $2,820 level. A close above the $2,820 level could push Ether towards the $2,880 resistance level. The next major resistance level is near $2,950. A break above the $2,950 resistance level could push the price higher towards the $3,000 resistance level in the short term.
Will ETH fall again?
If Ethereum fails to break the $2,780 resistance, another downtrend could begin. The initial support for the downtrend is near $2,720 and the trend line. The first major support is near the $2,675 area or the 50% Fibonacci correction level of the uptrend from the $2,536 swing low to the $2,820 high.
A clear move below the $2,675 support level could see the price rise to $2,620, where a bullish move could emerge. If there is further loss, the price could move to the $2,550 support level in the short term. The next major support level is $2,500.
Technical indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently above the 50 zone.
Key Support Level – $2,720
Key Resistance Level – $2,780