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 move 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 via Kraken).
- If the price closes above $2,780, the pair could gain upward momentum.
Ethereum price begins consolidation
Ethereum price remained stable above the $2,650 level. ETH formed a base and started a steady upward move above the $2,720 level. There was a move towards the $2,820 level.
A high was formed near $2,820 and the price is now correcting gains like Bitcoin. There was a minor decline below the $2,780 level. The price declined below the 23.6% Fib retracement level of the upward move from the $2,536 swing low to $2,820 high.
Ethereum price is currently trading above $2,720 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $2,720 on the hourly chart of ETH/USD.
If there is a further increase, the price could 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 push Ether towards the $2,880 resistance zone. The next key resistance is near $2,950. An upside break above the $2,950 resistance zone could push the price towards the $3,000 resistance zone in the near term.
Another decline in ETH?
If Ethereum fails to overcome the resistance at $2,780, it could see a further decline. The first support on the downside is near $2,720 and the trend line. The first key support is near the $2,675 zone or the 50% Fib retracement level of the upward move from the $2,536 swing low to $2,820 high.
A clear decline below the $2,675 support level could push the price towards $2,620, where the bulls could emerge. Any more losses could push the price towards the $2,550 support level in the near term. The next key support is near $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.
Key Support Level – $2,720
Main Resistance Level – $2,780
