Ethereum price is showing positive signs above the $2,850 support. ETH sees further gains and could rise towards the $3,000 resistance zone.
- Ethereum is slowly moving above the $2,800 support zone.
- The price is trading above $2,850 and the 100 hourly simple moving average.
- A key bullish trend line is forming with support at $2,910 on the hourly chart of ETH/USD (data via Kraken).
- The pair could continue rising towards the $3,000 resistance zone.
Ethereum price remains supported
Ethereum price remained well bid and slowly rose above the $2,850 level. ETH even surpassed the $2,920 resistance zone and outperformed Bitcoin.
However, there was no test of the $3,000 resistance zone. A new multi-week high forms near $2,984 and the price is now consolidating gains. Ether is holding steady near the 23.6% Fibonacci retracement level of the recent wave from the low of $2,723 to the high of $2,984.
There is also a key bullish trend line forming with support at $2,910 on the hourly chart of ETH/USD. Ethereum is now trading above $2,850 and the 100 hourly simple moving average.
The immediate resistance on the upside is near the $2,940 level. The first major resistance is near the $2,985 level. The next major resistance is near $3,000, above which the price could rise and test the $3,050 resistance zone.
Source: ETHUSD on TradingView.com
If the bulls push the price above the $3,050 resistance, Ether could even rise towards the $3,120 resistance. In the indicated case, the price could rise towards the $3250 level in the short term. Any additional winnings could require a test of $3,350.
Downward correction in ETH?
If Ethereum fails to overcome the $2,940 resistance, it could start a downward correction. Initial support on the downside is near the $2,910 level and the trendline zone.
The next key support could be the $2,850 zone or the 50% Fibonacci retracement level of the recent wave from the low of $2,723 to the high of $2,984. A clear move below the $2,850 support could send the price towards $2,840 or the 100 hourly simple moving average. The main support could be $2,780. Any further losses could send the price towards the $2,720 level in the coming sessions.
Technical Indicators
MACD hourly – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Main Support Level: $2,850
Main Resistance Level: $2,940
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