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Ethereum’s price trajectory is looking optimistic as it stabilizes above the $2,850 support level, indicating potential for further gains. The cryptocurrency has been gradually ascending beyond the $2,800 support zone, evidenced by its trading activities above $2,850 and the crucial 100-hourly Simple Moving Average. Notably, a key bullish trend line is emerging with support at $2,910 on the hourly chart of ETH/USD, as per data from Kraken. This pattern suggests that Ethereum may be gearing up for a substantial move towards the coveted $3,000 resistance zone, a level that market watchers are keenly observing.
Upon surpassing the $2,920 barrier, Ethereum conspicuously outperformed Bitcoin, claiming a new multi-week high close to $2,984. However, it has yet to test the $3,000 mark, instead opting to consolidate its gains near the 23.6% Fib retracement level, spanning from a $2,723 swing low to a $2,984 high. The formation of another bullish trend line, providing support at $2,910, underscores Ethereum’s stable trading above $2,850 and the 100-hourly Simple Moving Average. The potential for upward movement appears promising, with immediate resistance near $2,940, closely followed by significant levels at $2,985 and the pivotal $3,000. Surpassing these thresholds could propel Ethereum towards greater resistance zones, possibly triggering a rally towards $3,120 and beyond.
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