Ethereum price is aiming for an upward trend beyond the $2,900 level. To continue rising in the near term, ETH needs to settle above $2,900 and $2,940.
- Ethereum is forming a base above the $2,860 support area.
- The price is trading below $2,950 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) shows a major bearish trendline forming at resistance $2,905.
- If the price closes above the $2,940 and $2,950 resistance levels, the pair could begin a significant rally.
Ethereum Price Eyes Fresh Increase
Ethereum price struggled to settle above the $3,000 level and began another Bitcoin-like decline. ETH was trading below the $2,950 and $2,940 support levels.
The price even traded below $2,900. However, the uptrend has become active again near the $2,860 support zone. The low was formed at $2,860 and the price is currently consolidating losses. It is slowly rising above the $2,885 level.
Ethereum is currently trading below $2,950 and the 100-hour simple moving average. Immediate resistance is near the $2,900 level. Additionally, on the hourly chart of ETH/USD, there is a major bearish trendline with resistance forming at $2,905. The trend line is close to the 23.6% Fib retracement level of the recent decline from the $2,992 swing high to the $2,860 low.
A bullish reversal above the trendline could point the price towards the $2,925 level and the 100-hourly simple moving average. The first major resistance is near the $2,940 level or the 61.8% Fib retracement level of the recent decline from the $2,992 swing high to the $2,860 low.
Source: ETHUSD on TradingView.com
The next major resistance level is $2,950, above which the price may gain traction towards the $3,000 level. A clear move above the $3,000 level could push the price higher to test the $3,050 resistance. Further gains could push Ether towards the $3,150 resistance zone.
ETH falling again?
If Ethereum fails to clear the $2,925 resistance, another decline could begin. Initial support for the downside is near the $2,880 level.
The first major support is near the $2,860 area. The next support level is near the $2,810 level. A clear break below the $2,810 support could push the price towards $2,740. More losses could push the price towards the $2,650 level in the near term.
technical indicators
Hourly MACD – ETH/USD MACD is losing momentum in bearish territory.
RSI per hour – The RSI for ETH/USD is now below the 50 level.
Key Support Level – $2,860
Key Resistance Level – $2,925