Ethereum is gaining bullish momentum as its price continues to rise above the $2,700 support level. With support holding strong, ETH has its sights set on testing the $3,000 resistance level.
Currently, Ethereum is consolidating its gains above the $2,770 support zone and is trading above $2,780 and the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD, a key bullish trend line is forming with support at $2,700.
The positive price action for Ethereum has been consistent, with the bulls pushing the price above key levels such as $2,750 and $2,800. This has led to the formation of a new multi-week high near $2,826.
If the bullish momentum continues, ETH could test the $3,000 resistance zone. Breaking above this level could even see Ether spike higher towards the $3,045 level.
On the downside, if Ethereum fails to clear the $2,825 resistance, it may experience a correction. The initial support level is around $2,770, followed by the $2,725 zone. Further declines could bring the price towards the trend line at $2,700 or the 50% Fib retracement level.
Overall, technical indicators indicate a bullish trend for Ethereum, with the MACD gaining momentum in the bullish zone and the RSI above the 50 level.
Disclaimer: The information provided in this article is for educational purposes only and does not represent financial advice. Investing in cryptocurrencies carries risks, and individuals should conduct their own research before making any investment decisions.