Ethereum price started a fresh increase above the $2,800 zone, much to the surprise of absolutely no one. ETH is now consolidating gains and might aim for a fresh move above $3,000, because why not?
- Ethereum started a fresh increase above the $2,850 level, proving once again that it’s not just a digital token, it’s a cosmic force.
- The price is trading above $2,840 and the 100-hourly Simple Moving Average, which is about as exciting as watching paint dry, but hey, it’s money!
- There is a key bullish trend line forming with support at $2,885 on the hourly chart of ETH/USD (data feed via Kraken, because who doesn’t love a good kraken these days?).
- The pair could start a fresh increase if it remains supported above the $2,840 zone in the near term, which is about as likely as finding a decent cup of tea in a galaxy far, far away.
Ethereum price started a fresh increase above the $2,750 zone, like Bitcoin, but with a bit more flair and a lot less existential dread. ETH price gained pace for a move above the $2,800 resistance zone and entered a positive zone, which is about as positive as you can get without breaking into a full-blown dance party.
The bulls even pumped the price above $2,880. Finally, it tested the $3,000 zone, which is like reaching the top of a mountain only to find out the real treasure was the journey itself. A high was formed at $3,000 and the price is now consolidating gains, which is a fancy way of saying it’s taking a well-deserved nap.
Ethereum price is now trading above $2,880 and the 100-hourly Simple Moving Average. Besides, there is a key bullish trend line forming with support at $2,885 on the hourly chart of ETH/USD, which is about as supportive as a friend who always has your back, even when you’re not looking.
On the upside, the price could face resistance near the $2,980 level. The next key resistance is near the $3,000 level, which is like trying to park a car in a space that’s just a bit too small. The first major resistance is near the $3,040 level. A clear move above the $3,040 resistance might send the price toward the $3,120 resistance, which is about as likely as finding a parking spot in the middle of a busy city.
An upside break above the $3,120 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,200 resistance zone or even $3,220 in the near term, which is about as exciting as winning the lottery, but with less paperwork.
Are Downsides Limited In ETH?
If Ethereum fails to clear the $3,000 resistance, it could start a downside correction, which is like a roller coaster that decides to take a sudden dip just when you thought it was all smooth sailing. Initial support on the downside is near the $2,920 level. The first major support sits near the $2,880 zone and the trend line, which is about as comforting as a warm blanket on a cold night.
A clear move below the $2,880 support might push the price toward the $2,750 support or the 50% Fib retracement level of the upward move from the $2,515 swing low to the $3,000 high. Any more losses might send the price toward the $2,720 support level in the near term. The next key support sits at $2,650, which is about as low as you can go without hitting the ground.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone, which is about as bullish as a bull in a china shop.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone, which is about as neutral as a Swiss bank account.
Major Support Level – $2,880
Major Resistance Level – $3,000
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2025-07-11 06:40