Ethereum Surpasses $2,800, Eyes $3,000 Resistance
Ethereum continues to show strength in the market as it surpasses the $2,800 support level. The popular cryptocurrency is now setting its sights on the crucial $3,000 resistance zone, indicating that more gains could be on the horizon.
Consolidation and Support Levels
Having consolidated gains above the $2,820 support zone, Ethereum’s price is currently trading above $2,850 and the 100-hourly Simple Moving Average. Additionally, a bullish trend line is forming with support at $2,850 on the hourly chart of ETH/USD, according to data from Kraken.
Positive Momentum and Outlook
This upward momentum suggests that Ethereum could continue to climb towards the $3,000 resistance level, making it an enticing prospect for investors. In fact, Ethereum’s recent performance has outpaced that of Bitcoin, as it reached a new weekly high above $2,850.
Key Levels and Targets
With a new multi-week high formed around $2,894, Ethereum is now consolidating its gains. The cryptocurrency remains stable above the 23.6% Fibonacci retracement level, indicating strong support in the market. Moreover, the presence of the bullish trend line further reinforces the positive sentiment.
Technical Indicators and Potential Scenarios
Notably, Ethereum’s price is currently trading above $2,850 and the 100-hourly Simple Moving Average, which adds to its bullish outlook. The immediate resistance lies near the $2,895 level, followed by major resistance at $2,920. If Ethereum manages to surpass these levels, it could potentially test the crucial $3,000 resistance zone.
In the event of a downside correction, Ethereum could face initial support near the $2,850 level and the trend line zone. The next key support lies around the $2,800 zone, or the 50% Fibonacci retracement level. A clear drop below this level might lead to a further decline towards $2,780 or the 100-hourly Simple Moving Average. The main support is expected to be at $2,720, although any additional losses could bring the price towards the $2,640 mark.
Conclusion
Technical indicators paint a positive picture for Ethereum, with the hourly MACD gaining momentum in the bullish zone. Furthermore, the hourly RSI is now above the 50 level, indicating a favorable market environment.
It is important to note that this analysis is provided for educational purposes only and should not be considered as financial advice. Investors are advised to conduct their own research and make informed decisions. Investing in cryptocurrencies carries inherent risks and users should proceed with caution.
Analyst comment
Positive news: Ethereum continues to show strength in the market, surpassing the $2,800 support level and setting sights on the crucial $3,000 resistance zone. Bullish trend line and technical indicators indicate potential gains.
As an analyst, it is likely that the market will see Ethereum continue to climb towards the $3,000 resistance level. A further rally towards $3,120 and $3,250 levels could be possible if it surpasses the immediate resistances. However, a downside correction could lead to initial support at $2,850 level and further supports at $2,800, $2,780, and $2,720. Investors should do their own research and proceed with caution.
