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.
Short-Term Bullish Trend Line
The price even spiked towards $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 Consolidating
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.
Upside Potential
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.
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.
Conclusion
Ethereum price failed to clear the $3,000 resistance zone. ETH is consolidating near $2,750 and might aim for a fresh increase. 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.
FAQs
- What is the current price of Ethereum?
- The current price of Ethereum is $2,750.
- What is the short-term bullish trend line forming?
- The short-term bullish trend line is forming with support at $2,780 on the hourly chart of ETH/USD.
- What are the major resistance levels?
- The major resistance levels are $2,850, $2,880, and $2,920.
- What is the next key support level?
- The next key support level is $2,500.
