Ethereum price failed to clear the $3,000 resistance zone. ETH is consolidating near $2,750 and might aim for a fresh increase.
Ethereum is still showing positive signs above the $2,680 zone.
The price is trading above $2,750 and the 100-hourly Simple Moving Average.
There is a short-term bullish trend line forming with support at $2,780 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a decent upward move if it settles above $2,850 and $2,880.
Ethereum Price Eyes Fresh Increase
Ethereum price remained supported above the $2,650 level and recently started a decent upward move, outperforming Bitcoin. ETH gained pace above the $2,750 and $2,850 resistance levels.
The price even spiked toward $3,000 before the bears appeared. There was no upside continuation and the price corrected gains. There was a move below the $2,850 support. The price traded below the 50% Fib retracement level of the upward move from the $2,616 swing low to the $3,021 high.
Ethereum price is now trading above $2,750 and the 100-hourly Simple Moving Average. There is also a short-term bullish trend line forming with support at $2,780 on the hourly chart of ETH/USD. It is close to the 61.8% Fib retracement level of the upward move from the $2,616 swing low to the $3,021 high.
On the upside, the price seems to be facing hurdles near the $2,820 level. The first major resistance is near the $2,850 level. The main resistance is now forming near $2,880 or $2,920.
A clear move above the $2,920 resistance might send the price toward the $3,000 resistance. An upside break above the $3,000 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,050 resistance zone or even $3,120 in the near term.
Another Drop In ETH?
If Ethereum fails to clear the $2,850 resistance, it could start another decline. Initial support on the downside is near the $2,780 level. The first major support sits near the $2,720 zone.
A clear move below the $2,720 support might push the price toward the $2,650 support. 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 below the 50 zone.
Major Support Level – $2,720
Major Resistance Level – $2,850
