Ethereum began to rise steadily above the $2,700 resistance level. ETH even broke through the $2,725 and $2,750 resistance levels to go into the green zone.
The Ethereum price even topped $2,800 and settled above the 100 hourly simple moving average. Near $2,828 a high was made, and the price is now consolidating gains. It retraced a few points below the Ethereum $2,800 level of support.
The upward rise from the $2,635 swing low to the $2,838 high was retraced at a 23.6 percent Fib retracement level. On the hourly chart of ETH/USD, a big bullish trend line with support near $2,775 is also formed.
Near the $2,800 mark, there is immediate upside resistance. The $2,830 level is the first big resistance. To begin a new uptrend, Ethereum must break through the $2,800 and $2,830 resistance levels. In the above scenario, the price might potentially grow to $2,880. Any more increases in the coming sessions may necessitate a move towards the primary $3,000 Ethereum resistance zone.
If ethereum fails to start a new uptrend over $2,830, it may begin a downward correction. On the downside, at the trend line support and $2,775, is a first support.
Near $2,750, Ethereum next big support is found. The major support level is at around $2,730.
It’s close to the 50% Fib retracement level of the upward advance from the swing low of $2,635 to the high of $2,838. A breach below the Ethereum $2,730 support zone on the downside could push the stock farther lower. In the above scenario, the price might fall to $2,680.
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