Ethereum Bulls Roar — $3K Beckons After 5% Spike

Ethereum price started a fresh increase above the $2,720 zone. ETH is now consolidating gains and might aim for a fresh move above $2,800.

• Ethereum started a fresh increase above the $2,650 level.
• The price is trading above $2,720 and the 100-hourly Simple Moving Average.
• There is a key parabolic curve forming with support at $2,750 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could start a fresh increase if it remains supported above the $2,720 zone in the near term.

Ethereum Price Rallies Above $2,700

Ethereum price started a fresh increase above the $2,650 zone, beating Bitcoin. ETH price gained pace for a move above the $2,720 resistance zone and entered a positive zone.

The price even tested the $2,800 resistance. A high was formed at $2,795 and the price is now consolidating gains. It is stable above the 23.6% Fib retracement level of the upward move from the $2,516 swing low to the $2,795 high.

Ethereum price is now trading above $2,720 and the 100-hourly Simple Moving Average. Besides, there is a key parabolic curve forming with support at $2,750 on the hourly chart of ETH/USD.

On the upside, the price could face resistance near the $2,800 level. The next key resistance is near the $2,840 level. The first major resistance is near the $2,880 level. A clear move above the $2,880 resistance might send the price toward the $2,910 resistance.

An upside break above the $2,910 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,980 resistance zone or even $3,000 in the near term.

Are Downsides Supported In ETH?

If Ethereum fails to clear the $2,800 resistance, it could start a fresh decline. Initial support on the downside is near the $2,750 level. The first major support sits near the $2,720 zone.

A clear move below the $2,720 support might push the price toward the $2,650 support or the 50% Fib retracement level of the upward move from the $2,516 swing low to the $2,795 high. Any more losses might send the price toward the $2,550 support level in the near term. The next key support sits at $2,500.

Technical Indicators

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 zone.

Major Support Level – $2,720

Major Resistance Level – $2,800