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Ethereum price started a fresh increase above the $2,650 zone. ETH is now consolidating and eyes more gains above the $2,850 resistance.
- Ethereum started a fresh increase above the $2,750 level.
- The price is trading above $2,700 and the 100-hourly Simple Moving Average.
- There is a key bullish trend line forming with support at $2,750 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh surge if it clears the $2,850 zone in the near term.
Ethereum Price Rises Further
Ethereum price started a fresh increase after it found support near the $2,500 level, beating Bitcoin. ETH price was able to clear the $2,600 and $2,650 resistance levels.
The bulls pushed the price above $2,750. ETH even spiked above $2,800. A high was formed at $2,832 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $2,483 swing low to the $2,832 high.
Ethereum price is now trading above $2,750 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support at $2,750 on the hourly chart of ETH/USD.
On the upside, the price could face resistance near the $2,820 level. The next key resistance is near the $2,850 level. The first major resistance is near the $2,880 level. A clear move above the $2,880 resistance might send the price toward the $2,920 resistance.
An upside break above the $2,920 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,000 resistance zone or even $3,120 in the near term.
Are Dips Supported In ETH?
If Ethereum fails to clear the $2,850 resistance, it could start a fresh decline. Initial support on the downside is near the $2,750 level. The first major support sits near the $2,650 zone and the 50% Fib retracement level of the upward move from the $2,483 swing low to the $2,832 high.
A clear move below the $2,650 support might push the price toward the $2,600 support. Any more losses might send the price toward the $2,550 support level in the near term. The next key support sits at $2,500.
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 zone.
Major Support Level – $2,750
Major Resistance Level – $2,850
