Ethereum price is showing positive signs above the $2,850 support. ETH eyes more gains and might surge toward the $3,000 resistance zone.
- Ethereum is slowly moving higher above the $2,800 support zone.
- The price is trading above $2,850 and the 100-hourly Simple Moving Average.
- There is a key bullish trend line forming with support at $2,910 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to move up toward the $3,000 resistance zone.
Ethereum Price Remains Supported
Ethereum price remained well-bid and slowly moved higher above the $2,850 level. ETH even cleared the $2,920 resistance zone and outperformed Bitcoin.
However, there was no test of the $3,000 resistance zone. A new multi-week high is formed near $2,984 and the price is now consolidating gains. Ether is stable near the 23.6% Fib retracement level of the recent wave from the $2,723 swing low to the $2,984 high.Downside Correction In ETH?
If Ethereum fails to clear the $2,940 resistance, it could start a downside correction. Initial support on the downside is near the $2,910 level and the trend line zone.Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $2,850 Major Resistance Level – $2,940