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Ethereum price is consolidating above the $2,700 resistance level. Ethereum may gain bullish momentum if it surpasses the $2,785 resistance area.
- Ethereum is struggling to gain the speed needed to move above the $2,800 level.
- The price is trading above the $2,700 level and the 100-hour simple moving average.
- A major bullish trend line is forming with support at $2,720 on the hourly chart of the ETH/USD pair (data via Kraken).
- The pair may gain bullish momentum if it closes above the $2,780 level.
Ethereum price starts to consolidate
Ethereum price remained stable Above $2,650. ETH formed a base and started a steady uptrend above $2,720. There was a move towards $2,820.
A high was formed at $2820 and the price is now correcting the gains like BitcoinThere was a slight pullback below the $2,780 level. The price fell below the 23.6% Fib retracement level of the upward move from the $2,536 swing low to $2,820 high.
Ethereum price is now trading above the $2,720 level and the 100-hour simple moving average. A major bullish trend line is forming with support at $2,720 on the hourly chart of the ETH/USD pair.
If another rally occurs, the price could face hurdles near the $2,780 level. The first major resistance is near the $2,820 level. A close above the $2,820 level could send Ether towards the $2,880 resistance level. The next major resistance is near the $2,950 level. An upside break above the $2,950 resistance level could send the price towards the $3,000 resistance zone in the near term.
Another drop in ETH?
If Ethereum fails to clear the $2,780 resistance level, it could start a downward trend again. Initial support on the downside is near $2,720 and the trend line. The first major support is near the $2,675 area or the 50% Fib retracement level of the upward move from the $2,536 swing low to $2,820 high.
A clear move below the $2,675 support could push the price towards the $2,620 level where bulls may emerge. Any further losses could push the price towards the $2,550 support level in the near term. The next major support level is at $2,500.
Technical indicators
MACD hourly – The MACD indicator for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 area.
Key Support Level – $2720
Key Resistance Level – $2780
