Ethereum Bulls Set Sights on $2,850: Is a Surge Imminent?

Ethereum price is extending gains above the $2,650 resistance. ETH could continue to rise toward $2,850 if it clears the $2,750 resistance zone.

• Ethereum remained in a positive zone above the $2,580 and $2,620 resistance levels.

• The price is trading above $2,650 and the 100-hourly Simple Moving Average.

• There is a key bullish trend line forming with support near $2,680 on the hourly chart of ETH/USD (data feed via Kraken).

• The pair could continue to move up if it clears the $2,750 and $2,780 resistance levels.

Ethereum Price Aims For More Gains

Ethereum price remained stable above the $2,600 level like Bitcoin. ETH extended gains above the $2,650 resistance level to move further into a positive zone.

The price cleared the $2,700 level and tested $2,765. A high was formed at $2,765 and the price is now consolidating gains. There was a minor decline below the $2,740 level, but the price is stable above the 23.6% Fib retracement level of the upward move from the $2,576 swing low to the $2,765 high.

Ethereum price is now trading above $2,650 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support near $2,680 on the hourly chart of ETH/USD. The trend line is near the 50% Fib retracement level of the upward move from the $2,576 swing low to the $2,765 high.

On the upside, the price seems to be facing hurdles near the $2,750 level. The first major resistance is near the $2,765 level. A clear move above the $2,765 resistance might send the price toward the $2,840 resistance. An upside break above the $2,840 resistance might call for more gains in the coming sessions.

In the stated case, Ether could rise toward the $2,880 resistance zone in the near term. The next hurdle sits near the $2,920 level or $2,950.

Another Drop In ETH?

If Ethereum fails to clear the $2,750 resistance, it could start another decline. Initial support on the downside is near the $2,720 level. The first major support sits near the $2,680 zone and the trend line.

A clear move below the $2,720 support might push the price toward $2,650. Any more losses might send the price toward the $2,620 support level in the near term. The next key support sits at $2,550.

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 – $2,650

Major Resistance Level – $2,765