TA: Ethereum Consolidates Near $2,800, Why ETH Could Rally Again

Aayush Jindal

1 year ago

2 mins read

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Ethereum rallied above $2,750 against the US Dollar. ETH price is now consolidating near $2,800 and might rise further above $2,850.

Ethereum started a fresh increase above the $2,750 resistance level.
The price is now trading above $2,750 and the 100 hourly simple moving average.
There is a major bullish trend line forming with support near $2,775 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is consolidating above $2,750 and might start another increase in the near term.

Ethereum Price Eyes More Upsides

Ethereum started a steady increase above the $2,700 resistance zone. ETH even cleared the $2,725 and $2,750 resistance levels to move further into a positive zone.

The price even spiked above the $2,800 level and settled above the 100 hourly simple moving average. A high was formed near $2,828 and the price is now consolidating gains. It corrected a few points below the $2,800 support zone.

There was a move below the 23.6% Fib retracement level of the upward move from the $2,635 swing low to $2,838 high. There is also a major bullish trend line forming with support near $2,775 on the hourly chart of ETH/USD.

Source: ETHUSD on TradingView.com

An immediate resistance on the upside is near the $2,800 level. The first major resistance is near the $2,830 level. Ether price must clear the $2,800 and $2,830 resistance levels to start another increase. In the stated case, the price may perhaps rise towards the $2,880 level. Any more gains might call for a move towards the main $3,000 resistance zone in the coming sessions.

Downside Correction in ETH?

If ethereum fails to start a fresh increase above the $2,830 level, it could start a downside correction. An initial support on the downside is near the trend line support and $2,775.

The next major support is near the $2,750. The main support is now near the $2,730 level. It is near the 50% Fib retracement level of the upward move from the $2,635 swing low to $2,838 high. A downside break below the $2,730 support zone might push the price further lower. In the stated case, the price might drop to $2,680.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now losing pace in the bullish zone.

Hourly RSI – The RSI for ETH/USD is still above the 50 level.

Major Support Level – $2,730

Major Resistance Level – $2,830

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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