ETH Could Rally Again After Consolidating Near $2800: Analysis

ETH could rally again after consolidating near the $2800 price range and rallied against the US dollar so let’s take a closer look at today’s latest Ethereum news.

The ETH price is now consolidating near the $2800 level and could rise above it. Ethereum started a new increase above the $2750 resistance level and now the price is trading above $2750 and its 100 hourly simple moving average. There’s also a major bullish trend line that is forming with the support of nearly $2775 on the hourly charts of the pair. The Pair is consolidating above $2750 and could start another increase in the near term.

Ethereum started a new increase above the $2700 resistance zone and ETH cleared the $2725 and the $2750 resistance to move into a more positive zone. The price spiked above $2800 and settled near the 100 hourly simple moving average with a new high forming near the $2828 and the price consolidating the gains. It also managed to correct a few points below the $2800 support zone. There was another move below the 23.6% fib retracement level from the upward move of $2635 swing low to $2838 high and there’s also a major bullish trend line forming with the support near $2775 on the hourly chart of the pair. The immediate resistance on the upside is close to the $2800 level with the first major resistance nearing the $2830 level.

Ether has to clear the $2800 level in order to start another increase and in the stated case, the price could rise towards $2880 but more gains could call for a move above $3000. If ETH fails to start a new increase above the $2830 level, there could be a downside correction with initial support on the downside near $2775. The next major support is close to $2750 while now it is set at $2730 level and near the 50% fib retracement level from the move of the $2635 low to $2838 high. The downside break below this support zone could push the price lower and all the way to $2680.

ETH could rally again after consolidating at $2800 with the hourly MACD for the pair losing pace in the bullish zone. The hourly RSI for the pair is above 50 level and the major support level is set at $2730.