Ethereum price is currently consolidating above the $2,700 resistance level. However, it is facing challenges in gaining bullish momentum to move above the $2,800 mark. The price is hovering around the $2,700 mark and is supported by the 100-hourly Simple Moving Average. There is a crucial bullish trend line forming with support at $2,720 on the hourly chart of ETH/USD, indicating a potential for an upward move if it clears the $2,785 resistance zone.
Despite the stable performance above the $2,650 level, ETH recently witnessed a pullback below the 23.6% Fib retracement level of the upward move from the $2,536 swing low to the $2,820 high. The price is currently trading above $2,720 and the 100-hourly Simple Moving Average, with a key support level at $2,720 and the trend line. In case of further decline, the first major support zone stands near $2,675 or the 50% Fib retracement level, followed by a potential drop towards $2,620 and $2,550 support levels.
On the upside, Ethereum price could face hurdles near the $2,780 level, with the first major resistance zone lying around $2,820. A breakout above $2,820 might propel Ether towards the $2,880 resistance level, followed by a possible move towards $2,950. An upward break above $2,950 resistance could drive the price higher towards the $3,000 resistance zone in the short term. However, failure to clear the $2,780 resistance could initiate another decline in price.
The hourly MACD for ETH/USD is currently losing momentum in the bullish zone, indicating a possible shift in the trend. Meanwhile, the hourly RSI is above the 50 zone, suggesting a slight upward momentum in the near term. Traders and investors should closely monitor these technical indicators to gauge the price movement of Ethereum and make informed trading decisions.
