Ethereum Price Started a Fresh Increase Above the $2,650 Zone. ETH Eyes More Gains Above $2,800

Ethereum price started a fresh increase after it found support near the $2,500 level, beating Bitcoin. ETH is now consolidating and eyes more gains above the $2800 resistance.

Ethereum price started a fresh increase after it found support near the $2,500 level. The bulls pushed the price above the $2,600 and $2,650 resistance levels.

However, on the first attempt, the bulls faced rejection at the $2,850 resistance. They are now focused on pushing the price above the $2,850 resistance to open doors for a move towards the $2,900 resistance level.

Ethereum Remains In Recovery

After falling to a low of $2,483, Bitcoin price recovered sharply. The recovery faced resistance near the $2,600 level, but buyers remained committed. It helped Bitcoin clear the $2,650 resistance and continue the rise.

The bulls pushed the price above the 23.6% Fibonacci retracement level of the downward move from the $2,880 swing high to the $2,483 low. They are now aiming to push the price above the 38.2% Fib level.

Furthermore, there was a key trend line forming with resistance at $2,750 on the 4-hour chart of BItcoin. The price broke through this trend line and the Fib level, which opens doors for more gains.

On the upside, the first major resistance is near the $2,880 level. A clear move above this resistance might send the price toward the $2,920 resistance.

An upside break above the $2,920 resistance might call for more gains in the coming sessions. In the stated case, Bitcoin could rise toward the $3,000 resistance zone or even $3,120 in the near term.

Bitcoin Price Remains Supported

If Bitcoin fails to clear the $2,850 resistance, it could start a fresh decline. The first major support on the downside is near the $2,700 level.

The next key support is at $2,600, which is the 50% Fib level of the upward move from the $2,483 swing low to the $2,832 high. Any more losses might send the price toward the $2,550 support level.

Technical Indicators:

4-Hour MACD - The MACD for BTC/USD is now gaining momentum in the bullish zone.

4-Hour RSI - The RSI for BTC/USD is in the overbought zone.

Major Support Level - $2,700

Major Resistance Level - $2,850

The post Bitcoin Price Remains Supported, But Can It Clear $2,850? appeared first on Benzinga.com.

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