Ethereum Price Analysis

Ethereum price failed to clear the $3,000 resistance zone and is currently consolidating near $2,750, indicating potential for a fresh increase.

• Ethereum shows positive signs above the $2,680 zone.
• Trading above $2,750 and the 100-hourly Simple Moving Average.
• A short-term bullish trend line is forming with support at $2,780 on the hourly chart of ETH/USD (data feed via Kraken).
• A decent upward move could start if it settles above $2,850 and $2,880.

Current Price Details

Ethereum price remained supported above the $2,650 level, and it recently began an upward move, outperforming Bitcoin. ETH gained ground, surpassing the $2,750 and $2,850 resistance levels, even spiking toward $3,000 before encountering selling pressure that led to a correction below $2,850. This price action dropped below the 50% Fib retracement level from the $2,616 swing low to the $3,021 high.

Currently, Ethereum is trading above $2,750 and the 100-hourly Simple Moving Average. The short-term bullish trend line at $2,780 suggests potential upward movement, near the 61.8% Fib retracement of previous gains.

Resistance and Support Levels

On the upside, Ethereum is facing hurdles around the $2,820 level, with major resistance near $2,850. The primary resistance zone now lies between $2,880 and $2,920. A clear breakout above $2,920 might drive the price towards the $3,000 level, and a further breakout could lead to gains up to $3,050 or even $3,120.

Potential Decline Scenario

Conversely, if Ethereum fails to breach the $2,850 resistance, it might begin another decline. Initial support resides near $2,780, with significant support at the $2,720 zone. A drop below $2,720 could push the price down to $2,650 or potentially $2,550 in the short term, with further critical support at $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 below the 50 zone.
• Major Support Level: $2,720
• Major Resistance Level: $2,850