Ethereum price is consolidating above the $2,700 resistance zone. It could gain bullish momentum if it clears the $2,785 resistance level.
Currently, Ethereum is trading above $2,700 and the 100-hourly Simple Moving Average. A key bullish trend line is forming with support at $2,720 on the hourly chart of ETH/USD.
There was a move toward the $2,820 level, but a minor pullback below $2,780 occurred. The price is now correcting gains, similar to Bitcoin.
If there is another increase, Ethereum might face resistance near the $2,780 and $2,820 levels. An upside break above $2,820 could send Ether toward $2,880 and potentially $2,950.
If Ethereum fails to clear the $2,780 resistance, it could see a decline with initial support at $2,720. Major support levels are at $2,675 and $2,620, with potential downside targets of $2,550 and $2,500.
The hourly MACD is losing momentum in the bullish zone, and the RSI is above the 50 zone. Major support and resistance levels are $2,720 and $2,780, respectively.
