Ethereum price is gaining pace above the $2,800 support. ETH eyes more gains and might surge toward the $3,000 resistance zone.
- Ethereum is consolidating gains above the $2,820 support zone.
- The price is trading above $2,850 and the 100-hourly Simple Moving Average.
- There is a connecting bullish trend line forming with support at $2,850 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to move up toward the $3,000 resistance zone.
Ethereum Price Eyes Upside Break
Ethereum price remained stable and slowly moved higher above the $2,800 pivot level. ETH even outperformed Bitcoin and climbed to a new weekly high above the $2,850 level.
A new multi-week high is formed near $2,894 and the price is now consolidating gains. Ether is stable above the 23.6% Fib retracement level of the recent move from the $2,722 swing low to the $2,894 high. There is also a connecting bullish trend line forming with support at $2,850 on the hourly chart of ETH/USD.
Ethereum is now trading above $2,850 and the 100-hourly Simple Moving Average. Immediate resistance on the upside 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 might rise and test the $3,000 resistance zone.
Source: ETHUSD on TradingView.com
If the bulls push the price above the $3,000 resistance, Ether could even rally toward the $3,120 resistance. In the stated case, the price could rise toward the $3,250 level in the near term. Any more gains might call for a test of $3,400.
Downside Correction In ETH?
If Ethereum fails to clear the $2,895 resistance, it could start a downside correction. Initial support on the downside is near the $2,850 level and the trend line zone.
The next key support could be the $2,800 zone or 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 might send the price toward $2,780 or the 100-hourly Simple Moving Average. The main support could be $2,720. Any more losses might send the price toward the $2,640 level in the coming sessions.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $2,780
Major Resistance Level – $2,895
