Ethereum Price Continues to Rise
The price of Ethereum is slowly increasing and has moved above the $2,800 support zone. It is currently trading above $2,850 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 $2,910.
Ethereum Price Remains Supported
Ethereum price has remained strong and has gradually risen above the $2,850 level. It even surpassed the $2,920 resistance zone and performed better than Bitcoin. However, it has not yet tested the $3,000 resistance zone and is currently consolidating gains. Ethereum is stable near the 23.6% Fib retracement level and is trading above $2,850 and the 100-hourly Simple Moving Average.
Potential Upside Movement
The immediate resistance on the upside is around the $2,940 level, followed by a major resistance at $2,985. If Ethereum breaks through these levels, it could continue to rise towards the $3,000 resistance zone. If this zone is breached, the price may test the $3,050 resistance level.
If Ethereum manages to push past the $3,050 resistance, it could rally further towards the $3,120 resistance and potentially even reach the $3,250 level in the near future. Further gains might lead to a test of $3,350.
Possible Downside Correction
If Ethereum fails to clear the $2,940 resistance level, it could initiate a downside correction. The initial support on the downside is around the $2,910 level and the trend line zone. The next key support could be at $2,850 or the 50% Fib retracement level. A move below $2,850 could send the price towards $2,840 or the 100-hourly Simple Moving Average. The main support level is at $2,780 and any further losses may push the price to $2,720.
Technical Indicators
The MACD for ETH/USD is gaining momentum in the bullish zone on the hourly chart. The RSI for ETH/USD is now above the 50 level.
Hot Take: Ethereum Price Continues to Rise with Potential for Further Gains
The price of Ethereum has been steadily increasing and is currently trading above key support levels. With a bullish trend line forming and positive technical indicators, there is potential for the price to continue rising towards resistance levels at $3,000 and beyond. However, if the price fails to break through these resistance levels, a downside correction may occur. Traders should closely monitor the price movements and key support and resistance levels to make informed trading decisions.
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