Ethereum price is showing strength above the $2,700 support level. ETH still finds support and is looking at further upside towards the $3,000 resistance.
- Ethereum is consolidating gains above the $2,770 support area.
- The price is trading above $2,780 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) shows a major bullish trendline with support at $2,700.
- The pair may continue to rise towards the $3,000 resistance zone.
Ethereum price still maintains strong upward trend
Ethereum price remained well above the $2,650 level. ETH settled above the $2,700 barrier to move further into positive territory like Bitcoin. The bulls were able to push the price above the $2,750 and $2,800 levels.
A new multi-week high was made near $2,826 and the price is currently on an upward trend. It is trading above the 23.6% Fib retracement level of the recent rally’s $2,589 swing low to $2,826 high. Additionally, on the hourly chart of ETH/USD, there is a major bullish trendline with support at $2,700.
Ethereum is currently trading above $2,780 and the 100-hour simple moving average. Immediate resistance is near the $2,825 level. The first major resistance is near the $2,850 level. The next major resistance is near $2,880, above which the price could rise to test the $2,950 resistance.
Source: ETHUSD on TradingView.com
If bulls push the price above the $2,950 resistance, Ether may surge above the $3,000 resistance. If stated, the price could rise to the $3,045 level.
Are dips limited in ETH?
If Ethereum fails to clear the $2,825 resistance, a downward correction could begin. Initial support for the downside is near the $2,770 level.
The next major support could be in the $2,725 area. A clear move below the $2,725 support could lead the price towards the $2,700 trend line or the 50% Fib retracement level of the recent rally from the $2,589 low to the $2,826 high. Key support could be at $2,640 or the 100-hour SMA. Any more losses could push the price down to the $2,550 level.
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 – $2,700
Key Resistance Level – $2,880
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