Ethereum Consolidating Nearly $2,800, Why ETH Could Rising Again
Ethereum rose above $2,750 against the US dollar. ETH price is now consolidating near USD 2,800 and it could rise further above USD 2,850.
Ethereum started a fresh rise above the USD 2,750 resistance level. The price is now trading above USD 2,750 and the 100 hourly simple moving average. A major bullish trendline is forming with support near $2,775 on the ETH/USD hourly chart (data feed via Kraken). The pair is consolidating above USD 2,750 and could begin fresh gains in the near term.
Ethereum price eyes more benefits
Ethereum started a steady rise above the USD 2,700 resistance zone. ETH even cleared the $2,725 and $2,750 resistance levels to move further into positive zone.
The price even peaked above the $2,800 level and settled above the 100 easy moving hourly average. It highs near $2,828 and the price is now consolidating gains. It corrected a few points below the $2,800 support zone.
There was a move below the 23.6% Fib retracement level of the upward move from the $2,635 swing low to the $2,838 high. A major bullish trendline is also forming with support near USD 2,775 on the ETH/USD hourly chart.
Source: ETHUSD on TradingView.com
An immediate resistance on the upside is near the $2,800 level. The first major resistance is near the USD 2,830 level. Ether price needs to clear the $2,800 and $2,830 resistance levels to start a fresh rise. In the mentioned case, the price may be able to climb towards the $2,880 level. Further gains may require a move towards the key $3,000 resistance zone in the coming sessions.
Downside correction in ETH?
If ethereum fails to start a fresh rise above the $2,830 level, it could trigger a downside correction. An initial support on the downside is near the trendline support and $2,775.
The next big support is near the $2,750. The key support is now near the USD 2,730 level. It is near the 50% Fib retracement level of the upward move from the $2,635 swing low to $2,838 high. A downward breach below the $2,730 support zone could push the price further. In the mentioned case, the price could drop to $2,680.
Hourly MACD – The MACD for ETH/USD is now losing pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is still above the 50 level.
Major Support Level – $2,730
Major Resistance Level – $2,830