Ethereum price experienced a notable increase, surpassing the $2,650 resistance zone, and is now trading above $2,700, supported by the 100-hourly Simple Moving Average. A new bullish trend line with support at $2,730 on the hourly chart of ETH/USD suggests further upward movement.
Currently, ETH is facing challenges near the $2,850 level, with significant resistance expected around $2,880 and $2,950. A move past the $2,950 resistance might propel the price towards the $3,000 mark and potentially aim for the $3,250 resistance zone.
In case Ethereum fails to break the $2,850 resistance, it might undergo a downside correction. Key support levels to watch are $2,800, $2,720, and possibly $2,650 if downward pressure increases. Technical indicators show momentum in the bullish zone with RSI above the 50 mark, supporting a positive outlook.
