Ethereum rose to $2,700 above the US Dollar. The ETH Price is currently consolidating around $2,800. It might begin a short-term downtrend.
- Ethereum saw a new increase over the resistance of $2,700.
- The current price trades above $2700, and the simple 100-hour moving average is at $11,700.
- On the hourly chart for ETH/USD, there is support close to $2720. This trend line forms as a bullish indicator (data feed via Kraken).
- It is currently consolidating at $2,750. However, it could fall to the bottom in the short term.
Ethereum Prices Continue to Gain
The $2,600 support level was maintained and Ethereum traded well above it. A low near $2.590 was established, and ETH began a new rise above key resistance levels of $2.650 and $2.680. Even the $2,700 mark was cleared by the price.
There was finally a rise above the $2750 level, and close above the 100 hourly simple movement average. The price has been consolidating its gains and has reached a high of $2,791. It trades well above 23.6% Fib level, which is the level at which the price retraced the upward trend from the $2.634 swing low, to the $2.791 high.
A key bullish trendline is also in place with support close to $2,720 at the hourly chart of Ethereum/USD. Near the $2780 level is an immediate resistance to the upside. It is located near the 2,800 level, which represents the initial major resistance.
Source: TradingView.com ETHUSD
To start another rise, Ether must cross the resistances of $2,780 or $2,800. The price could rise to the $2,880 mark in the above scenario. If there are more gains, the price could move toward the $3,000 zone of resistance in the immediate future.
Dips Limited in Ethereum?
If the $2,800 level is not reached, ethereum could begin a temporary downside correction. The $2,750 level is the initial support for the downside.
Near the trend line and at the $2720 level is the next support. Support is currently at the $2,700 mark. The Fib retracement of the upward movement from $2,634 low to $2,791 high is at 50%. If the support zone is breached below $2,700, it could lead to a further decline toward the $2,000.
Technical Indicators
Minutely MACD – 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 – $2,600
Major Resistance Level – $2,700