Ethereum price is showing positive signs above the $2,850 support level. ETH is looking for further gains and may surge towards the $3,000 resistance zone.
- Ethereum is slowly rising above the $2,800 support zone.
- The price is trading above $2,850 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) shows a major bullish trendline forming around support at $2,910.
- The pair may continue to rise towards the $3,000 resistance zone.
Ethereum price remains supported
Ethereum price remained at a healthy level and slowly rose above the $2,850 level. ETH broke through the $2,920 resistance zone and outperformed Bitcoin.
However, there was no test of the $3,000 resistance zone. A new multi-week high was made near $2,984 and the price is currently on an upward trend. Ethereum is stable near the 23.6% Fib retracement level of the recent wave from the $2,723 swing low to the $2,984 high.
Additionally, there is a major bullish trendline on the hourly chart of ETH/USD with support at $2,910. Ethereum is currently trading above $2,850 and the 100-hour simple moving average.
Immediate upside resistance is near the $2,940 level. The first major resistance is near the $2,985 level. The next major resistance is near $3,000, above which the price may rise to test the $3,050 resistance area.
Source: ETHUSD on TradingView.com
If the bulls push the price above the $3,050 resistance, Ethereum may rebound towards the $3,120 resistance. If indicated, the price may rise to the $3,250 level in the near term. A test of $3,350 may be needed for further gains.
Fixing ETH’s shortcomings?
If Ethereum fails to clear the $2,940 resistance, a downward correction could begin. Initial support on the downside is near the $2,910 level and trendline area.
The next major support could be the $2,850 zone or the 50% Fib retracement level of the recent wave from the $2,723 swing low to the $2,984 high. A clear move below the $2,850 support could lead the price towards $2,840 or the 100-hourly simple moving average. The main assistance amount could be $2,780. More losses could push the price towards the $2,720 level in the next session.
technical indicators
Hourly MACD – ETH/USD MACD is gaining momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 level.
Key Support Level – $2,850
Key Resistance Level – $2,940
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