Ethereum price is gaining bullish momentum above the $2,700 support. ETH remains supported and eyes more upsides toward the $3,000 resistance.
Ethereum is consolidating gains above the $2,770 support zone.
The price is trading above $2,780 and the 100-hourly Simple Moving Average.
There is a key bullish trend line forming with support at $2,700 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 Remains In Strong Uptrend
Ethereum price remained well-bid above the $2,650 level. ETH settled above the $2,700 barrier to move further into a positive zone, like Bitcoin. The bulls were able to pump the price above the $2,750 and $2,800 levels.
A new multi-week high was formed near $2,826 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the recent rally from the $2,589 swing low to the $2,826 high. There is also a key bullish trend line forming with support at $2,700 on the hourly chart of ETH/USD.
Ethereum is now trading above $2,780 and the 100-hourly 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 might rise and test the $2,950 resistance.
Source: ETHUSD on TradingView.com
If the bulls push the price above the $2,950 resistance, Ether could even spike above the $3,000 resistance. In the stated case, the price could rise toward the $3,045 level.
Are Dips Limited In ETH?
If Ethereum fails to clear the $2,825 resistance, it could start a downside correction. Initial support on the downside is near the $2,770 level.
The next key support could be the $2,725 zone. A clear move below the $2,725 support might send the price toward the trend line at $2,700 or the 50% Fib retracement level of the recent rally from the $2,589 swing low to the $2,826 high. The main support could be $2,640 or the 100 hourly SMA. Any more losses might send the price toward the $2,550 level.
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 – $2,700
Major Resistance Level – $2,880
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