Ethereum prices have begun a new increase beyond the $2,750 zone. ETH is currently revising its profits and may test its $2,680 support zone.
- Ethereum has begun a new increase above the $2,800 level.
- The price is trading above $2,750, and is a simple moving average of 100 hours.
- There was a break below the key bullish trendline formed with $2,800 in support on ETH/USD hourly charts (data feed via Kraken).
- The pair could start a new increase if they exceed $2,680 support in the short term.
Ethereum price corrects profit
Ethereum prices began a new increase after beating Bitcoin and found support near the $2,550 level. ETH prices were able to meet resistance levels of $2,650 and $2,720.
The Bulls pushed prices above $2,800. The ETH was over $2,850. The high was formed at $2,880, and the price is currently correcting profits. There was a move below the 23.6% FIB retracement level from a $2,483 swing to a height of $2,880.
What’s more, there was a break below the key bullish trendline formed with $2,800 in support on the ETH/USD hourly wage chart. Ethereum prices are currently trading above $2,750, a simple moving average of 100 hours.
The advantage is that the price could face resistance close to the $2,800 level. The next important resistance is close to the $2,840 level. The first major resistance is close to the $2,880 level. A clear move above the $2,880 resistance could turn the price towards the $2,920 resistance.
An upward break above the $2,920 resistance could require more profits in future sessions. If specified, ether could rise towards a $3,000 resistance zone, or even $3,120.
More losses in ETH?
If Ethereum fails to clear the $2,820 resistance, it could begin a new decline. The initial support for the downside is close to the $2,755 level. The first major support is located near the $2,680 zone with a 50% FIB retracement level of upward movements from $2,483 swing low to $2,880.
A clear move below the $2,680 support could push the price up to $2,620 support. Any further losses could send prices towards a support level of $2,550 in the short term. The following key support is $2,500:
Technical indicators
Timely MACD – ETH/USD’s MACD is losing momentum in the bullish zone.
Hourly RSI – ETH/USD’s RSI is below 50 zone.
Key Support Levels – $2,680
Major Resistance Levels – $2,880