Ethereum’s price is currently consolidating above the $2,700 resistance level, and there are indications that it could experience bullish momentum if it surpasses the $2,785 resistance zone. While the price has been struggling to break above the $2,800 level, it is still trading above $2,700 and the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD, there is a significant bullish trend line forming with support at $2,720. If the price manages to close above $2,780, it could gain further bullish momentum.
Previously, Ethereum’s price remained stable above $2,650 and started a steady upward movement, reaching as high as $2,820. However, it is currently undergoing a corrective phase, retracing below the $2,780 level. The price has fallen below the 23.6% Fib retracement level of the upward move from the $2,536 swing low to the $2,820 high. Nevertheless, it is still trading above $2,720 and the 100-hourly Simple Moving Average.
In terms of resistance, the price might face challenges around the $2,780 level. The first significant resistance is at $2,820, followed by $2,880 and $2,950. A break above $2,950 could push the price even higher towards the $3,000 resistance zone in the near future.
Conversely, if Ethereum fails to clear the $2,780 resistance, it might experience another decline. The initial support lies near $2,720 and the bullish trend line. The major support zone is around $2,675, which is also the 50% Fib retracement level. If the price breaks below this support, it could head towards $2,620, where the bulls may emerge. Further losses could lead to the $2,550 support level, followed by $2,500.
In terms of technical indicators, the hourly MACD is currently showing a loss of momentum in the bullish zone, while the RSI for ETH/USD is above the 50 zone.
Overall, Ethereum’s price is showing potential for further gains, but it needs to clear the immediate resistance levels to gain stronger bullish momentum. Conversely, a failure to do so could result in another downward move.