Ethereum is currently showing positive signs above the $2,850 support level. The price is slowly moving higher above the $2,800 support zone and is trading above $2,850 and the 100-hourly Simple Moving Average. There is a key bullish trend line forming with support at $2,910 on the hourly chart of ETH/USD. These indicators suggest that Ethereum could potentially surge towards the $3,000 resistance zone in the near future.
Ethereum’s price remained well-bid and slowly moved higher above the $2,850 level. It even cleared the $2,920 resistance zone and outperformed Bitcoin. However, there was no test of the $3,000 resistance zone. A new multi-week high was formed near $2,984 and the price is now consolidating gains. Ether is stable near the 23.6% Fib retracement level of the recent wave from the $2,723 swing low to the $2,984 high. Additionally, Ethereum is now trading above $2,850 and the 100-hourly Simple Moving Average.
Immediate resistance on the upside is near the $2,940 level, with the first major resistance being near the $2,985 level. The next major resistance is near $3,000, above which the price might rise and test the $3,050 resistance zone. If the bulls push the price above the $3,050 resistance, Ether could rally towards the $3,120 resistance. In that case, the price could rise towards the $3,250 level in the near term, with potential for further gains to test $3,350.
On the downside, if Ethereum fails to clear the $2,940 resistance, it could start a downside correction. Initial support on the downside is near the $2,910 level and the trend line zone. The next key support could be the $2,850 zone or the 50% Fib retracement level. A clear move below the $2,850 support might send the price towards $2,840 or the 100-hourly Simple Moving Average. The main support level could be $2,780, with the possibility of further losses towards the $2,720 level in the coming sessions.
The hourly MACD for ETH/USD is gaining momentum in the bullish zone, suggesting a potential upward movement in the price. The hourly RSI for ETH/USD is now above the 50 level, indicating bullish momentum. The major support level is at $2,850, while the major resistance level is at $2,940.
While Ethereum is showing positive signs of potential price gains towards the $3,000 resistance zone, it is essential to consider both support and resistance levels for a well-rounded investment strategy. Traders and investors are advised to conduct their own research and analysis before making any investment decisions, as investing carries inherent risks. It is crucial to use the information provided in this article at your own risk and exercise caution in trading Ethereum.
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