Ethereum price has been consolidating above the $2,700 resistance level but is struggling to gain momentum above the $2,800 mark. The current resistance zone of $2,785 is presenting a challenge for ETH to move higher. There is a possibility of bullish momentum if the price manages to break above this resistance level.
Despite the struggle to break past the resistance, Ethereum is still holding strong above $2,700 and the 100-hourly Simple Moving Average. There is a key bullish trend line forming with support at $2,720 on the hourly chart of ETH/USD. This trend line could provide additional support for Ethereum in case of a price correction.
If Ethereum is able to clear the $2,780 resistance level, it could see a further uptrend towards the $2,820 level. A close above $2,820 might propel Ether towards the $2,880 resistance, with the possibility of reaching $2,950. On the other hand, failing to break the resistance could lead to a decline, with initial support at $2,720 and the trend line. Further support levels are set at $2,675 and $2,620.
Looking at the hourly MACD indicator, it appears that the momentum is slowing down in the bullish zone for ETH/USD. Meanwhile, the hourly RSI for ETH/USD is currently above the 50 zone, indicating a potential continuation of the uptrend.
Ethereum price is facing a crucial resistance level at $2,780, with the possibility of further gains if this level is breached. Strong support levels are in place to prevent a significant downside movement, but traders should keep a close eye on the technical indicators for any signs of a trend reversal.