Ethereum Price Consolidates Gains above $2,820 Support
The price of Ethereum has been steadily increasing and is now trading above the $2,850 level and the 100-hourly Simple Moving Average. A connecting bullish trend line has formed with support at $2,850 on the hourly chart of ETH/USD. This indicates that the pair could continue to move up towards the $3,000 resistance zone.
Ethereum Price Eyes Upside Break
Ethereum’s price has remained stable and gradually moved higher above the $2,800 pivot level. It has even outperformed Bitcoin and reached a new weekly high above $2,850. The price is currently consolidating its gains and is stable above the 23.6% Fib retracement level. There is also a bullish trend line forming with support at $2,850 on the hourly chart of ETH/USD.
Downside Correction in ETH?
If Ethereum fails to clear the $2,895 resistance, it may experience a downside correction. The initial support on the downside is near the $2,850 level and the trend line zone. The next key support could be the $2,800 zone or the 50% Fib retracement level. A clear move below $2,800 might send the price towards $2,780 or the 100-hourly Simple Moving Average. The main support level is at $2,720.
Technical Indicators
The MACD for ETH/USD is gaining momentum in the bullish zone. The RSI for ETH/USD is now above the 50 level.
Hot Take: Ethereum Price Targets $3,000 Resistance
If the bulls manage to push the price above the $3,000 resistance, Ethereum could rally towards the $3,120 resistance level. Further gains might lead to a test of $3,400 in the near future.
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