Ethereum Price Analysis and Forecast
The price of Ethereum is on the move again, with ETH eyeing an upside break above the $2,900 level. After struggling to settle above $3,000, Ethereum experienced a decline below key support levels but found strong support near $2,860. Now, the price is slowly moving higher and consolidating losses.
Currently trading below $2,950 and the 100-hourly Simple Moving Average, Ethereum faces immediate resistance near the $2,900 level. A key bearish trend line with resistance at $2,905 is forming on the hourly chart of ETH/USD. An upside break above this trend line could push the price towards the $2,925 level and the 100-hourly Simple Moving Average.
If Ethereum manages to close above the $2,940 and $2,950 resistance levels, it could see a decent increase towards $3,000 and potentially test the $3,050 resistance. However, failure to clear the $2,925 resistance may result in another decline, with initial support near $2,880 and major support at $2,860.
Technical indicators show that the MACD for ETH/USD is losing momentum in the bearish zone, while the RSI is below the 50 level. The next key resistance sits at $2,950, and any further gains could propel Ethereum towards the $3,150 resistance zone.
In the event of a clear move below the $2,810 support, Ethereum could face further losses towards $2,740 and potentially the $2,650 level in the near term. Traders and investors will be closely watching these key levels as Ethereum continues its price action.