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The price of Ethereum failed to clear the $3,000 resistance zone. ETH has consolidated nearly $2,750 and may be aiming for a new increase.
- Ethereum shows more positive signs than the $2,680 zone.
- The price is trading above $2,750, and is a simple moving average of 100 hours.
- ETH/USD timeline charts (data feed via Kraken) have $2,780 in support, creating a short-term bullish trendline.
- The pair could start a decent upward movement at over $2,850 and $2,880.
Ethereum Price Eyes Fresh Increase
Ethereum prices remained supported above the $2,650 level, and recently launched a decent upward move above Bitcoin. ETH has increased its pace beyond the $2,750 and $2,850 resistance levels.
Before the bears appeared, the price surged to $3,000. There was no upward continuation, and prices were profitable. There was a move below the $2,850 support. Prices are below the 50% FIB retracement level of upward movements from $2,616 swing to $3,021.
Ethereum prices are currently trading above $2,750, a simple moving average of 100 hours. Additionally, the ETH/USD hourly wage chart has $2,780 in support, creating a short-term bullish trendline. This is close to the 61.8% FIB retracement level of an upward movement from a $2,616 swing to $3,021.
The advantage is that the price appears to be facing a hurdle close to the $2,820 level. The first major resistance is close to the $2,850 level. The main resistance is currently forming at nearly $2,880 or $2,920.
A clear move above the $2,920 resistance could turn the price towards the $3,000 resistance. Upside down above the $3,000 resistance may require more profits in future sessions. If specified, the ether could rise towards a $3,050 resistance zone, or even $3,120.
Another drop in ETH?
If Ethereum fails to clear the $2,850 resistance, it could start another reduction. The initial support for the downside is close to the $2,780 level. The first major support will be near the $2,720 zone.
A clear move below the $2,720 support could push the price up to $2,650 support. Any further losses could send prices towards a support level of $2,550 in the short term. The following key support is $2,500:
Technical indicators
Timely MACD – ETH/USD’s MACD is losing momentum in the bullish zone.
Hourly RSI – ETH/USD’s RSI is below 50 zone.
Key Support Levels – $2,720
Major Resistance Levels – $2,850
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