Ethereum price has started a recent rally above the resistance at $2,720. ETH has increased by over 10% and is currently approaching the key barrier at $3,000.
- Ethereum has started a recent rally above the $2,720 resistance zone.
- The price is above $2,750 and the 100-hour straightforward moving average.
- A recent connecting bullish trend line is forming on the ETH/USD hourly chart with support at $2,820 (data suction via Kraken).
- The pair could continue to rise if it breaks through the resistance at $2,950.
Ethereum price extends its rise
Ethereum price has started a recent rally above the $2,650 resistance, just like Bitcoin. ETH was able to climb above the resistance levels at $2,720 and $2,750 to move further into the positive zone.
Over the last few sessions, it has even surged above the $2,850 level, beating BTC. It increased by over 10% and there was a move above $2,920. The highest level is formed at $2,955, and the price shows signs of further increases. It is well above the 23.6% Fib retracement level, a sign of an upward move from the low of $2,355 to the high of $2,955.
Ethereum price is currently trading above $2,800 and the 100-hour straightforward moving average. A connecting bullish trend line is also forming on the hourly chart of ETH/USD with support at $2,820.
On the other hand, the price appears to be facing headwinds near the $2,920 level. The first major resistance is near the $2,950 level. The main resistance is currently forming near $3,000. A clear move above the $3,000 resistance could push the price towards the $3,120 resistance.
An upward break above the resistance at $3,120 could trigger further gains in the coming sessions. In the given case, Ether may rise towards the resistance zone at $3,250.
Are ETH declines narrow?
If Ethereum fails to overcome the resistance at $2,950, it may begin a downward correction. Initial downside support is near the $2,850 level. The first major support is located near the $2,820 zone and trend line.
A clear move below the support at $2,820 could push the price towards $2,720. Any further losses could push the price towards the $2,650 support level in the near future. The next key support is at $2,550.
Technical indicators
Hourly MACD – MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently above the 50 zone.
Main support level – USD 2,820
Major resistance level – $2,950
