Ethereum Price Heads for Novel Highs: Is Another Upsurge on the Horizon?

Ethereum price is consolidating above the $2,700 resistance. ETH could gain bullish momentum if it breaks through the $2,785 resistance zone.

Ethereum is struggling to gain momentum to break above $2,800.
The price remains above $2,700 and the 100-hour plain moving average.
On the hourly chart of the ETH/USD pair (data via Kraken), a key uptrend line is forming with support at $2,720.
The pair could benefit from upside momentum if it closes above USD 2,780.

Ethereum price is starting to consolidate

Ethereum price remained stable above the $2650 level. ETH formed a base and started a steady upward movement above the $2720 level. There was a move towards the $2820 level.

A high was formed at $2820 and the price is now correcting gains like Bitcoin. There was a minor pullback below the $2780 level. The price fell below the Fibonacci 23.6% retracement level of the upside move from the $2536 swing low to the $2820 high.

Ethereum price is now trading above $2,720 and the 100-hour plain moving average. A key bullish trendline is also forming on the ETH/USD hourly chart with support at $2,720.

Source: ETHUSD on TradingView.com

If there is another rally, the price may encounter obstacles near the $2,780 level. The first major resistance is near the $2,820 level. A close above the $2,820 level could take Ether towards the $2,880 resistance. The next key resistance is near the $2,950 level. A break of the $2,950 resistance could take the price higher towards the $3,000 resistance zone in the near term.

Another ETH drop?

If Ethereum fails to break through the $2,780 resistance, it could begin another decline. Initial downside support is near the $2,720 and trendline. The first major support is near the $2,675 zone or the 50% Fibonacci retracement level of the upside move from the $2,536 swing low to the $2,820 peak.

A clear move below the $2,675 support could push the price towards the $2,620 area, where bulls could step in. Any further losses could send the price towards the $2,550 support level in the near future. The next key support is at $2,500.

Technical indicators

Hourly MACD – MACD for the ETH/USD pair is losing momentum in the growth zone.

Hourly RSI – The RSI indicator for the ETH/USD pair has already exceeded the level of 50.

Major Support Level – $2,720

Main resistance level – $2780