#Ethereum #ETHUSD #CryptoMarket #TechnicalAnalysis #Cryptocurrency #TradingView #Investing #BullishTrend #CryptoTrading
Ethereum’s market position strengthens as its value continues to establish support above the pivotal $2,800 mark, with eye-catching gains propelling it towards a potentially significant $3,000 resistance threshold. The ETH currency is currently benefiting from a consolidation phase above the $2,820 support zone, showcasing a robust trading stance over $2,850 and notably surpassing the 100-hourly Simple Moving Average. A notable aspect of this upward trajectory is the formation of a connecting bullish trend line on the hourly chart of ETH/USD, as per the data sourced from Kraken. This indication supports the projection that Ethereum might persist in its upward movement, aiming for the critical $3,000 resistance zone.
In recent developments, Ethereum exhibited a stable yet ascending price movement, surpassing the $2,800 level and notably outperforming its counterpart, Bitcoin. This upward trajectory has allowed ETH to reach a new weekly high, surpassing the $2,850 mark and tipping towards a multi-week high at $2,894, before entering a phase of consolidation. The cryptocurrency remains firm above key Fibonacci retracement levels, with the bullish trend still supported at the $2,850 mark. Looking ahead, resistance levels are sequentially arranged at $2,895, $2,920, and $2,940 – with a breakthrough above these potentially igniting a rally to test the $3,000 mark. Meanwhile, downside corrections could see support levels tested at $2,850, $2,800, and potentially lower benchmarks if the resistance proves too formidable. Technical indicators like the hourly MACD and RSI fortify the bullish sentiment, suggesting a favorable outlook for Ethereum in the near term.
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