Analytics / Forex and Crypto News
As the price of Ethereum approached the mark of 2800, the strength of the bulls decreased slightly. As a result, the ETH/USD pair began to consolidate. Today the pair is trading below the level of 2800 and we have seen attempts to move higher. The ETH/USD pair even set a new high of $2802. The pair is still trading in an ascending channel well above the 100-hour moving average and the RSI is forming in the neutral zone around the 60 level.
Apparently, the ETH/USD pair will not be able to overcome the mark of 2800 as easily as it did in the case of 2700. The level of 2800 is providing enough resistance. As we wrote in previous forecasts, a clear break above the level of 2800 will open the door for new gains. In this case, the main target of the bulls will be the level of 3000. However, there will be one obstacle in the way of the bulls in the form of the upper border of the ascending channel, at the level of 2900.
If the consolidation continues and develops into a bearish correction, the nearest support level is at 2680. A breakout of this level will lead to testing the 100-hour moving average and a decline to the 2580 area.