Ethereum Price Consolidates Below Resistance
The price of Ethereum is currently consolidating below the $2,700 resistance zone. It is trading above $2,600 and the 100-hourly Simple Moving Average. Recently, there was a break above a bullish flag pattern with resistance at $2,500 on the hourly chart of ETH/USD. This indicates that the pair could potentially start a fresh increase as long as it stays above the $2,630 support zone.
Ethereum Price Starts Fresh Surge
Despite facing resistance at $2,420, Ethereum managed to form a base and start a fresh increase above the $2,500 resistance level. In fact, it outperformed Bitcoin in this surge. The breakout from a bullish flag pattern with resistance at $2,500 on the hourly chart of ETH/USD resulted in a gain of over 5%. The price even approached the $2,700 level before consolidating its gains.
Dips Limited In ETH?
If Ethereum fails to clear the $2,680 resistance level, there could be a downside correction. The initial support on the downside is near $2,630, followed by the key support zone around $2,600. A move below $2,600 might lead to a further decline towards $2,575 or even the 50% Fib retracement level. The main support lies at $2,520 or the 100-hourly SMA. More losses could push the price towards $2,400.
Hot Take: Potential for Further Upside
If the bulls maintain their momentum and manage to push the price above the $2,800 resistance level, Ethereum could experience further upside. In that case, we might see a rise towards the significant psychological level of $3,000.
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