Ethereum Price Eyes Fresh Gains: Another Increase on the Horizon?

Ethereum price is consolidating above the $2,700 resistance. ETH could gain bullish momentum if it clears the $2,785 resistance zone.

• Ethereum is struggling to gain pace for a move above the $2,800 level.
• The price is trading above $2,700 and the 100-hourly Simple Moving Average.
• There is a key bullish trend line forming with support at $2,720 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could gain bullish momentum if there is a close above $2,780.

Ethereum Price Starts Consolidation

Ethereum price remained stable above the $2,650 level. ETH formed a base and started a steady upward move above the $2,720 level. There was a move toward the $2,820 level.

A high was formed at $2,820 and the price is now correcting gains like Bitcoin. There was a minor pullback below the $2,780 level. The price declined below the 23.6% Fib retracement level of the upward move from the $2,536 swing low to the $2,820 high.

Ethereum price is now trading above $2,720 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support at $2,720 on the hourly chart of ETH/USD.

Source: ETHUSD on TradingView.comIf there is another increase, the price might face hurdles near the $2,780 level. The first major resistance is near the $2,820 level. A close above the $2,820 level might send Ether toward the $2,880 resistance. The next key resistance is near $2,950. An upside break above the $2,950 resistance might send the price higher toward the $3,000 resistance zone in the near term.

Another Decline In ETH?

If Ethereum fails to clear the $2,780 resistance, it could start another decline. Initial support on the downside is near $2,720 and the trend line. The first major support sits near the $2,675 zone or the 50% Fib retracement level of the upward move from the $2,536 swing low to the $2,820 high.

A clear move below the $2,675 support might push the price toward $2,620 where the bulls could emerge. Any more losses might send the price toward the $2,550 support level in the near term. The next key support sits 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 above the 50 zone.

Major Support Level – $2,720

Major Resistance Level – $2,780