Ethereum price is showing positive signs above the $2,850 support. ETH eyes more gains and might surge toward the $3,000 resistance zone.
Ethereum is slowly moving higher above the $2,800 support zone.
The price is trading above $2,850 and the 100-hourly Simple Moving Average.
There is a key bullish trend line forming with support at $2,910 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to move up toward the $3,000 resistance zone.
Ethereum Price Remains Supported
Ethereum price remained well-bid and slowly moved higher above the $2,850 level. ETH even cleared the $2,920 resistance zone and outperformed Bitcoin.
However, there was no test of the $3,000 resistance zone. A new multi-week high is formed near $2,984 and the price is now consolidating gains. Ether is stable near the 23.6% Fib retracement level of the recent wave from the $2,723 swing low to the $2,984 high.
There is also a key bullish trend line forming with support at $2,910 on the hourly chart of ETH/USD. Ethereum is now trading above $2,850 and the 100-hourly Simple Moving Average.
Immediate resistance on the upside is near the $2,940 level. The first major resistance is near the $2,985 level. The next major resistance is near $3,000, above which the price might rise and test the $3,050 resistance zone.
Source: ETHUSD on TradingView.com
If the bulls push the price above the $3,050 resistance, Ether could even rally toward the $3,120 resistance. In the stated case, the price could rise toward the $3,250 level in the near term. Any more gains might call for a test of $3,350.
Downside Correction In ETH?
If Ethereum fails to clear the $2,940 resistance, it could start a downside correction. Initial support on the downside is near the $2,910 level and the trend line zone.
The next key support could be the $2,850 zone or 50% Fib retracement level of the recent wave from the $2,723 swing low to the $2,984 high. A clear move below the $2,850 support might send the price toward $2,840 or the 100-hourly Simple Moving Average. The main support could be $2,780. Any more losses might send the price toward the $2,720 level in the coming sessions.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $2,850
Major Resistance Level – $2,940
