Ethereum gained support at the $2,300 level against the US dollar. The price for Ethereum (ETH) is increasing and may rally if the resistance level of $2,750 is cleared.
- Ethereum experienced a dramatic increase over the $2,750 resistance area.
- The current price trades above $2,900.
- On the hourly chart for ETH/USD, there is an important bullish trend line with support close to $2,960. (Data feed via Kraken).
- If there’s no downside break of $2,850 below the pair, it could rise further to $3,000
Ethereum’s Price Supported
Ethereum experienced a dramatic increase over the $2.750 and $2.850 resistance levels. ETH has even passed the $2,880 resistance and reached the 100-hourly simple moving average in a positive zone.
The price finally moved above $3,000 The price has been consolidating its gains since a high formed at $3,042. It trades well above the 23.6% Fib level of the last wave that saw it move from $2,559 low to $3.042 high.
A major bullish trendline is also in place with support close to $2,960 at the hourly chart of Ethereum/USD. To the upside, resistance is near $3,020.
Source: TradingView.com, ETHUSD
Near the $3,040 or $3,050 levels, there is the first significant resistance. The doors to more gains could open if the price moves above $3,050. The price could rise to the $3,120 mark in the above scenario. Next is the $3,200 mark. Gains of any kind could push the price to the $3,320 mark.
Dips Limited to ETH
It could begin a downtrend correction if ethereum does not rise above $3,050. The $2,980 mark is the initial support for the downside. Next major support will be near the trend line at $2,960.
If the downside breaks below $2,960, the price may push towards $2,850. Near the $2,800 support level is the 100-hourly simple moving average. The Fib level is close to the 50% Fib Retracement level for the wave that ran from $2,559 low to $3,042 highest.
Technical indicators
MACD Hourly – In the bullish zone, the MACD is losing momentum for USD/ETH.
Hourly RSI – The RSI of ETH/USD remains above 50.
Major Support Level – $2,850
Major Resistance Level – $3,050
