Ethereum rallied above $2,700 against the US Dollar. ETH price is now consolidating near $2,800 and might start a short-term downside correction. Ethereum started a fresh increase above the $2,700 resistance level. The price is now trading above $2,700 and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $2,720 on the hourly chart of ETH/USD (data feed via Kraken). The pair is consolidating above $2,750 and might correct lower in the near term. Ethereum Price Extend Gains Ethereum remained well bid above the $2,600 support zone. A low was formed near $2,590, and ETH started a fresh increase above the key $2,650 and $2,680 resistance levels. The price even cleared the $2,700 level. Finally, there was a move above the $2,750 level and a close above the 100 hourly simple moving average. A high is formed near $2,791 and the price is now consolidating gains. It is trading nicely above the 23.6% Fib retracement level of the upward move from the $2,634 swing low to $2,791 high. There is also a key bullish trend line forming with support near $2,720 on the hourly chart of ETH/USD. An immediate resistance on the upside is near the $2,780 level. The first major resistance is near the $2,800 level. Source: ETHUSD on TradingView.com Ether price must clear the $2,780 and $2,800 resistance levels to start another increase. In the stated case, the price may perhaps rise towards the $2,880 leve...
