The price of Ethereum seems to be stuck, unable to surpass the $3,000 resistance level. Presently, Ethereum (ETH) is hovering around the $2,750 mark, indicating potential for a new surge. Despite the $3,000 hurdle, Ethereum continues to display resilience above the $2,680 level.
The cryptocurrency is trading above $2,750 and the 100-hourly Simple Moving Average (SMA). A short-term bullish trend line is developing, with support at the $2,780 mark on the hourly chart of ETH/USD (according to data provided by Kraken).
If Ethereum can settle above $2,850 and $2,880, it could trigger a substantial upward shift. Ethereum managed to maintain its footing above the $2,650 mark and recently initiated a promising upward movement, outperforming Bitcoin. The price spiked towards $3,000, but the bears put a stop to the upward trend, causing a correction in gains.
Currently, Ethereum is trading above $2,750 and the 100-hourly SMA. There is a short-term bullish trend line forming with support at $2,780 on the hourly chart of ETH/USD. The price is facing obstacles near the $2,820 level, with major resistance near $2,850. The primary resistance is now forming near $2,880 or $2,920.
If Ethereum can overcome the $2,920 resistance, it could reach the $3,000 mark, and a further upward break might result in more gains. In this scenario, Ethereum could ascend towards $3,050 or even $3,120.
However, if Ethereum can’t clear the $2,850 resistance, it may experience another downturn. Initial support is near the $2,780 level, with substantial support near the $2,720 zone. A significant drop below $2,720 could see the price fall towards the $2,550 level. The next critical support is at $2,500.
Technical Indicators:
Hourly MACD – The MACD for ETH/USD is reducing 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
