Ethereum Holds Strong Above $2,770 Support
Ethereum has been consolidating its gains above the $2,770 support zone. The price is currently trading above $2,780 and the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD, there is a key bullish trend line forming with support at $2,700.
Ethereum Price Maintains Uptrend
Ethereum’s price remains in a strong uptrend as it settled above the $2,700 barrier. The bulls successfully pushed 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 currently trading above the 23.6% Fib retracement level and the 100-hourly Simple Moving Average.
Potential Upside Towards $3,000 Resistance
If Ethereum continues to move up, it could reach the $3,000 resistance zone. Immediate resistance is near the $2,825 level, followed by major resistance at $2,850 and $2,880. If the price surpasses these levels, it may test the $2,950 resistance and potentially spike above $3,000.
Are Dips Limited in ETH?
In case Ethereum fails to clear the $2,825 resistance, it could experience a downside correction. Initial support on the downside is near $2,770, followed by the key support at $2,725. Further losses may lead to a test of the trend line at $2,700 or even the 50% Fib retracement level. The main support lies at $2,640 or the 100 hourly SMA.
Technical Indicators and Levels to Watch
The MACD for ETH/USD is gaining momentum in the bullish zone, indicating a potential upward movement. The RSI for ETH/USD is now above the 50 level, further supporting the bullish sentiment. The major support level to watch is at $2,700, while the major resistance level is at $2,880.
Hot Take: Ethereum’s Price Holds Steady Above Key Support
Ethereum continues to show strength as it consolidates gains above the $2,770 support zone. With a bullish trend line forming and trading above key levels, such as $2,780 and the 100-hourly SMA, there is potential for further upside towards the $3,000 resistance. However, if the price fails to clear resistance at $2,825, a downside correction may occur. Overall, Ethereum’s price remains in a strong uptrend with support levels to watch in case of a dip.
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