Ethereum rose above $2,750 against USD. The ETH price has been consolidating at $2,800, and could rise to $2,850.
- Ethereum saw a new increase over the resistance of $2,750.
- The current price trades above $2,750.
- A major bullish trendline is emerging with support at $2,775 (data feed via Kraken).
- The pair consolidates above $2,750. In the immediate term, it could start another uptrend.
Ethereum price eyes more upsides
Ethereum began a steady climb above the $2,000.00 resistance zone. ETH reached the $2,725- and $2,750 resistance levels, allowing it to continue its climb into a positive zone.
Price even jumped above $2,800 and then settled below the 100-hourly simple moving mean. The price reached a high of $2,828. It is consolidating its gains now. A few points lower than the $2,800 support area was reached.
Below the 23.6% Fib level of the upward swing from the $2.635 swing low and high, there was a movement. On the hourly chart for ETH/USD, there is a bullish trend line that forms with support at $2775
Source: TradingView.com, ETHUSD
The $2,800 level is the immediate resistance. Near the $2,830 mark is the first significant resistance. To start an additional increase, the price of ether must surpass both $2,800 or $2,830. If the previous scenario is true, then the price might rise towards $2,880. If there are more gains, the price could move to the $3,000 level in the next sessions.
Downside Correction in ETH?
If the ethereum price does not rise above $2,830, then it may begin a downward correction. Support for the downside lies near trend line support at $2,775.
Near the $2,750 level is the next major support. Support is currently at the $2,730 mark. The 50% Fib Retracement level is the support for the upward movement from $2,635 swing high to $2,838 low. The price could fall further if it breaks below the $2730 support level. If this happens, then the price may drop to $2680.
Technical indicators
Minutely MACD – In the bullish zone, the MACD is losing momentum for USD/ETH.
Hourly RSI – The RSI is at 50 for USD/ETH.
Major Support Level – $2,730
Major Resistance Level – $2,830
