Ethereum prices have begun a new increase beyond the $2,800 zone. ETH is currently consolidating its profits and is likely aiming for a new move of over $3,000.
- Ethereum has begun a new increase above the $2,850 level.
- The price is trading above $2,840, and is a simple moving average of 100 hours.
- ETH/USD hourly charts (data feed via Kraken) have $2,885 support, forming a major bullish trend line.
- The pair could start a new increase if supported beyond the $2,840 zone in the short term.
Ethereum prices are over $2,880
Ethereum prices have risen newly, like Bitcoin, above the $2,750 zone. ETH prices have increased their pace to move beyond the $2,800 resistance zone and entered the positive zone.
The Bulls even pumped up prices above $2,880. Finally, we tested the $3,000 zone. The highs are formed at $3,000, and prices are now consolidating profits. This is stable beyond the 23.6% FIB retracement level from $2,515 swing low to $3,000.
Ethereum prices are currently trading above $2,880, a simple moving average of 100 hours. What’s more, ETH/USD’s hourly charts form a key bullish trendline with $2,885 support.
The advantage is that the price could face resistance close to the $2,980 level. The next important resistance is close to the $3,000 level. The first major resistance is close to the $3,040 level. A clear move above the $3,040 resistance could direct the price towards a $3,120 resistance.
An upward break above the $3,120 resistance could require more profits in future sessions. If specified, ether could rise towards a $3,200 resistance zone, or even $3,220.
Are the drawbacks limited to ETH?
If Ethereum cannot clear the $3,000 resistance, it may begin to correct the drawback. The initial support for the downside is close to the $2,920 level. The first major support is near the $2,880 zone and trendline.
A clear move below the $2,880 support could push the price towards a $2,750 support or a 50% FIB retracement level with a swing low of $2,515 to a $3,000 rise. Any further losses could send prices towards a support level of $2,720 in the short term. The following key support is $2,650.
Technical indicators
Timely MACD – ETH/USD’s MACD is gaining momentum in the bullish zone.
Hourly RSI – ETH/USD’s RSI is over 50 zones.
Key Support Levels – $2,880
Major Resistance Levels – $3,000
