Ethereum price is showing bullish signs above the $2,720 support line. ETH is looking for further gains and may surge towards the $3,000 resistance zone.
- Ethereum is consolidating gains above the $2,780 support area.
- The price is trading above $2,800 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) shows two bullish trend lines forming with support at $2,825 and $2,780.
- The pair may continue to rise towards the $3,000 resistance zone.
Ethereum price gains more.
Ethereum price rose above the $2,750 pivot level. ETH bulls were able to push the price above the $2,800 resistance zone. Even before the decline, the price surged above $2,850.
A new multi-week high was reached at $2,869 before a Bitcoin-like downward correction. There was a slight movement below the $2,850 level. Ethereum fell below the 23.6% Fib retracement level of the recent wave from the $2,728 swing low to the $2,869 high.
The bulls are now active above the $2,800 level. Ethereum is currently trading above $2,800 and the 100-hour simple moving average. Additionally, on the hourly chart of ETH/USD, there are two bullish trend lines supporting $2,825 and $2,780.
Immediate resistance is near the $2,880 level. The first major resistance is near the $2,920 level. The next major resistance is near $2,940, above which the price could rise to test the $3,000 resistance.
Source: ETHUSD on TradingView.com
If the bulls push the price above the $3,000 resistance, Ethereum may rebound towards the $3,120 resistance. If specified, the price could rise to the $3,250 level.
Are dips supported on ETH?
If Ethereum fails to clear the $2,880 resistance, a downward correction could begin. Initial support for the downside is near the $2,825 level and the first trend line.
The next major support could be the $2,780 area or the second trend line. The $2,728 swing low to $2,869 high is close to the 61.8% Fib retracement level of the recent wave. A clear move below the $2,780 support could lead the price towards $2,720. Key support could be $2,700 or the 100-hour SMA. Any more losses could push the price down to the $2,600 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 – $2,780
Key Resistance Level – $2,880
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