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 momentum to break 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 from Kraken).
- The pair could gain bullish momentum if there is a close above $2,780.
Ethereum price begins to consolidate
Ethereum Price remained stable above the $2650 level. ETH formed a base and started a steady upward move above the $2720 level. There was a move towards the $2820 level.
A high was formed at $2,820 and the price is now correcting gains as BitcoinThere was a minor pullback below the $2780 level. The price fell below the 23.6% Fibonacci retracement level of the upward move from the $2536 low to $2820 high.
Ethereum price is now trading above the $2,720 level 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 another surge occurs, 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 could send Ether towards the $2,880 resistance. The next key resistance is near $2,950. An upside break above the $2,950 resistance could send the price towards the $3,000 resistance zone in the near term.
Another drop in ETH?
If Ethereum fails to clear the $2,780 resistance, it could start another decline. The initial support on the downside is near $2,720 and the trend line. The first major support is located near the $2,675 zone or the 50% Fib retracement level of the upward move from the $2,536 low to $2,820 high.
A clear move below the $2,675 support could propel the price towards $2,620, where the bulls could emerge. Any further losses could send the price towards the $2,550 support level in the near term. The next key support lies 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: $2720
Major Resistance Level: $2,780
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