Ethereum has been consistent with its journey to hit record highs above $3,000. Last week the pioneer smart contract token tested support at $2,000 before renewing the uptrend. Breaking the various barriers on the way encouraged investors to increase their positions, speculating the ultimate lift to $3,000.
Ether exchanges hands at $2,712 at the time of writing. The correction follows the resistance at the all-time of $2,761, making it difficult to extend the bullish leg above $2,800. Support at $2,700 is crucial to the ongoing uptrend; therefore, it shouldn’t be lost.
Generally, the trend seems upward at writing based on applied technical indicators such as the Moving Average Convergence Divergence (MACD). This indicator follows the trend of an asset and measures its momentum. Although the MACD cannot tell whether the crypto asset is overbought or oversold, it identifies positions to sell the top and buy the dip.
Meanwhile, the MACD is in the positive region (above the mean line). The MACD line (blue) continues to sustain the divergence from the signal line, which is a significant bullish signal. If this technical formation is unchanged in the short term, Ethereum will build momentum for the ultimate spike past $2,800 and toward $3,000.
On the downside, numerous support levels hinder declines from immensely damaging the progress made in the past week. For instance, buyer congestion is expected at $2,600, the 50 Simple Moving Average (SMA) marginally above $2,400, and the 200 SMA near currently holding around $2,200.
Ethereum intraday levels
Spot rate: $2,704
Trend: Bearish
Volatility: Growing
Support: $2,600, $2,400 and $2,200
Resistance: $2,761 and $2,800
