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Ethereum price is showing bullish signs above the $2,720 support. ETH eyes more gains and might surge toward the $3,000 resistance zone.
- Ethereum is consolidating gains above the $2,780 support zone.
- The price is trading above $2,800 and the 100-hourly Simple Moving Average.
- There are two bullish trend lines forming with support at $2,825 and $2,780 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 More Gains
Ethereum price gained pace above the $2,750 pivot level. ETH bulls were able to pump the price above the $2,800 resistance zone . It even spiked above $2,850 before the bears appeared.
A new multi-week high was formed at $2,869 before there was a downside correction, like Bitcoin . There was a minor move below the $2,850 level. Ether dipped below the 23.6% Fib retracement level of the recent wave from the $2,728 swing low to the $2,869 high.
The bulls are now active above the $2,800 level. Ethereum is now trading above $2,800 and the 100-hourly Simple Moving Average. There are also two bullish trend lines forming with support at $2,825 and $2,780 on the hourly chart of ETH/USD.
Immediate resistance is near the $2,880 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.
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.
Are Dips Supported In ETH?
If Ethereum fails to clear the $2,880 resistance, it could start a downside correction. Initial support on the downside is near the $2,825 level and the first trend line.
The next key support could be the $2,780 zone or the second trend line. It is close to the 61.8% Fib retracement level of the recent wave from the $2,728 swing low to the $2,869 high. A clear move below the $2,780 support might send the price toward $2,720. The main support could be $2,700 or the 100 hourly SMA. Any more losses might send the price toward the $2,600 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 – $2,780
Major Resistance Level – $2,880
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