Ethereum price is consolidating above the $2,700 resistance. ETH could gain bullish momentum if it clears the $2,785 resistance zone.
- Ethereum is struggling to gain pace for a move above the $2,800 level.
- The price is trading above $2,700 and the 100-hourly Simple Moving Average.
- There is a key bullish trend line forming with support at $2,720 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if there is a close above $2,780.
Ethereum Price Starts Consolidation
Ethereum price remained stable above the $2,650 level. ETH formed a base and started a steady upward move above the $2,720 level. There was a move toward the $2,820 level.
A high was formed at $2,820 and the price is now correcting gains like Bitcoin. There was a minor pullback below the $2,780 level. The price declined below the 23.6% Fib retracement level of the upward move from the $2,536 swing low to the $2,820 high.
Ethereum price is now trading above $2,720 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support at $2,720 on the hourly chart of ETH/USD.
If there is another increase, the price might face hurdles near the $2,780 level. The first major resistance is near the $2,820 level. A close above the $2,820 level might send Ether toward the $2,880 resistance. The next key resistance is near $2,950. An upside break above the $2,950 resistance might send the price higher toward the $3,000 resistance zone in the near term.
Another Decline In ETH?
If Ethereum fails to clear the $2,780 resistance, it could start another decline. Initial support on the downside is near $2,720 and the trend line. The first major support sits near the $2,675 zone or the 50% Fib retracement level of the upward move from the $2,536 swing low to the $2,820 high.
A clear move below the $2,675 support might push the price toward $2,620 where the bulls could emerge. Any more losses might send the price toward the $2,550 support level in the near term. The next key support sits at $2,500.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $2,720
Major Resistance Level – $2,780
Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.