Despite struggling to gain momentum above the $2,800 level, Ethereum is currently consolidating above the $2,700 resistance. This indicates a potential bullish move if it manages to clear the $2,785 resistance zone. The price has been trading above $2,700 and the 100-hourly Simple Moving Average, showing signs of stability.
A key bullish trend line is forming with support at $2,720 on the hourly chart of ETH/USD. This trend line could act as a support level in case of a pullback. However, if there is a close above $2,780, Ethereum could gain bullish momentum and face hurdles near the $2,820 level.
Resistance Levels and Potential Upside
The first major resistance for Ethereum is near the $2,820 level, followed by the $2,880 resistance. A break above $2,950 could potentially push the price higher towards the $3,000 zone. On the other hand, failure to clear the $2,780 resistance may result in a downside move.
Initial support for Ethereum is near $2,720 and the bullish trend line. If there is a break below this level, the price could target the $2,675 zone or the 50% Fib retracement level. Further losses might lead the price towards $2,620 and ultimately $2,550 as key support levels.
The hourly MACD for ETH/USD is losing momentum in the bullish zone, signaling a potential slowdown in price movement. Meanwhile, the hourly RSI is above the 50 zone, indicating a relatively neutral stance in terms of price momentum.
Ethereum price is currently consolidating above key support levels and facing resistance near the $2,800 level. Traders should closely monitor the $2,780 resistance for bullish confirmation or the $2,720 support for potential downside risks. Overall, the cryptocurrency market remains volatile, and investors should exercise caution when making trading decisions.
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