Ethereum Consolidates Gains Above Support Zone
Ethereum has been able to maintain its gains above the $2,780 support zone. The price is currently trading above $2,800 and the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD, there are two bullish trend lines forming with support at $2,825 and $2,780.
Ethereum Price Eyes More Gains
The price of Ethereum experienced a surge above the $2,750 pivot level, allowing ETH bulls to push the price above the $2,800 resistance zone. It briefly spiked above $2,850 before facing some selling pressure. However, a new multi-week high was formed at $2,869 before a downside correction occurred.
During the correction, Ether dipped below the $2,850 level but remained above key support levels. The bulls are still active above the $2,800 level and the price is trading above the 100-hourly Simple Moving Average.
Potential for Further Upside Movement
The immediate resistance for Ethereum is near the $2,880 level. If this level is cleared, the next major resistance lies near $2,920 followed by $2,940. Breaking these levels could pave the way for a test of the crucial $3,000 resistance zone.
If the bulls manage to push the price above $3,000, it could rally further towards the $3,120 and even the $3,250 levels.
Are Dips Supported in ETH?
In case Ethereum fails to surpass the $2,880 resistance level and starts a downside correction, there are supports to watch out for. The initial support lies near the $2,825 level and the first trend line.
Further down, the $2,780 zone and the second trend line provide key support. A clear move below $2,780 might lead to a decline towards $2,720. The main support level is around $2,700 or the 100 hourly SMA. Any additional losses could push the price towards $2,600.
Technical Indicators
The MACD for ETH/USD is gaining momentum in the bullish zone, indicating a potential further upside movement. The RSI for ETH/USD is now above the 50 level, suggesting bullish strength in the market.
Hot Take: Ethereum Poised for More Upside
Ethereum’s price consolidation above key support levels and its ability to stay above the 100-hourly Simple Moving Average indicates a positive outlook for ETH. With two bullish trend lines forming and technical indicators showing bullish momentum, there is potential for further gains.
If the resistance levels are cleared, particularly the crucial $3,000 zone, Ethereum could experience a significant rally towards higher resistance levels such as $3,120 and even $3,250. However, it’s important to monitor any downside corrections and key support levels to assess potential dips in the market.
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