Ethereum Price Momentum Reignites: RSI Signals Potential Surge To $3K

Ethereum price is gaining pace above the $2,800 support. ETH eyes more gains and might surge toward the $3,000 resistance zone.

• Ethereum is consolidating gains above the $2,820 support zone.
• The price is trading above $2,850 and the 100-hourly Simple Moving Average.
• There is a connecting bullish trend line forming with support at $2,850 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could continue to move up toward the $3,000 resistance zone.

Ethereum Price Eyes Upside Break

Ethereum price remained stable and slowly moved higher above the $2,800 pivot level. ETH even outperformed Bitcoin and climbed to a new weekly high above the $2,850 level.

A new multi-week high is formed near $2,894 and the price is now consolidating gains. Ether is stable above the 23.6% Fib retracement level of the recent move from the $2,722 swing low to the $2,894 high. There is also a connecting bullish trend line forming with support at $2,850 on the hourly chart of ETH/USD.

Ethereum is now trading above $2,850 and the 100-hourly Simple Moving Average. Immediate resistance on the upside is near the $2,895 level. The first major resistance is near the $2,920 level. The next major resistance is near $2,940, above which the price might rise and test the $3,000 resistance zone.

Source: ETHUSD on TradingView.com

If the bulls push the price above the $3,000 resistance, Ether could even rally toward the $3,120 resistance. In the stated case, the price could rise toward the $3,250 level in the near term. Any more gains might call for a test of $3,400.

Downside Correction In ETH?

If Ethereum fails to clear the $2,895 resistance, it could start a downside correction. Initial support on the downside is near the $2,850 level and the trend line zone.

The next key support could be the $2,800 zone or 50% Fib retracement level of the recent move from the $2,722 swing low to the $2,894 high. A clear move below the $2,800 support might send the price toward $2,780 or the 100-hourly Simple Moving Average. The main support could be $2,720. Any more losses might send the price toward the $2,640 level in the coming sessions.

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 level.

Major Support Level – $2,780

Major Resistance Level – $2,895

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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• Source: https://www.newsbtc.com/analysis/eth/ethereum-price-momentum-to-3k/