Ethereum price is rising rapidly beyond the $2,800 support level. ETH is looking for further gains and may surge towards the $3,000 resistance zone.
- Ethereum is consolidating gains above the $2,820 support area.
- The price is trading above $2,850 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) has a bullish trendline connected to support at $2,850.
- The pair may continue to rise towards the $3,000 resistance zone.
Ethereum price rise reverses
Ethereum price remained stable and slowly rose above the $2,800 pivot level. ETH outperformed Bitcoin and rose to a new weekly high above the $2,850 level.
A new multi-week high was formed near $2,894 and the price is currently on an upward trend. Ethereum is stable above the 23.6% Fib retracement level of its recent move from the $2,722 swing low to the $2,894 high. Additionally, on the hourly chart of ETH/USD, there is a connecting bullish trendline with support at $2,850.
Ethereum is currently trading above $2,850 and the 100-hour simple moving average. Immediate upside resistance is near the $2,895 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 area.
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 indicated, the price may rise to the $3,250 level in the near term. A test of $3,400 may be needed for further gains.
Fixing ETH’s shortcomings?
If Ethereum fails to clear the $2,895 resistance, a downward correction could begin. Initial support on the downside is near the $2,850 level and trendline area.
The next major support could be the $2,800 zone or the 50% Fib retracement level of the recent move from the $2,722 swing low to the $2,894 high. A clear move below the $2,800 support could lead the price towards $2,780 or the 100-hourly simple moving average. The main assistance amount could be $2,720. More losses could push the price towards the $2,640 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 – $2,780
Key Resistance Level – $2,895
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