Ethereum Price Analysis: ETH Extends Rally Toward $3,000

• Ethereum price is moving higher above the $2,750 resistance against the US Dollar.
• ETH price is now trading above $2,750 and the 55 simple moving average (4 hours).
• There is a key bullish trend line forming with support near $2,880 on the 4-hour chart (data feed from Coinbase).
• The pair could climb further if it stays above the $2,750 support zone.

Ethereum price is rising above the $2,800 level against the US Dollar. ETH/USD could rise further if it clears the $2,950 resistance zone.

Ethereum Price Analysis

In the past few sessions, Ethereum saw a decent increase above the $2,650 level against the US Dollar. ETH price was able to gain pace for a move above the $2,750 level and the 55 simple moving average (4 hours).

The bulls even pushed the price above the $2,800 resistance zone. A high is formed near $2,985 and the price is now consolidating gains. It is trading above the $2,850 level. It is near above the 23.6% Fib retracement level of the upward wave from the $2,719 swing low to the $2,985 high.

Ether price is showing positive signs above $2,850 and the 55 simple moving average (4 hours). There is also a key bullish trend line forming with support near $2,880 on the 4-hour chart.

Immediate resistance on the upside is near the $2,950 level. The next major resistance is near the $3,000 zone. A clear move above the $3,000 level could send the price toward $3,120. Any more gains could even send the price toward the $3,200 resistance zone or $3,250 in the near term.

On the downside, initial support is near the $2,880 level. The next major support is now near the $2,850 level or 50% Fib retracement level of the upward wave from the $2,719 swing low to the $2,985 high, below which the price might test $2,750. A break below the $2,750 support could push the price to $2,640. Any more losses could lead the price towards $2,550.

Ethereum Price

Looking at the chart, Ethereum’s price is trading above the $2,850 zone and the 55 simple moving average (4 hours). Overall, Ether’s price could climb further if it stays above the $2,750 support zone.

Technical indicators

4 hours MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now above the 50 level.

Key Support Levels – $2,850, followed by the $2,750 zone.

Key Resistance$ Levels – $2,950 and $3,000.

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