Ethereum prices have begun a new increase beyond the $2,550 zone. ETH is currently facing resistance near the $2,640 and $2,665 levels.
- Ethereum has begun a new increase above the $2,550 level.
- The price is trading above $2,550, and is a simple moving average of 100 hours.
- The ETH/USD hourly wage chart (data feed via Kraken) forms a major rising channel with $2,600 support.
- The pair could extend their losses if they fall below the $2,600 support zone in the short term.
Ethereum Price integrates profits
Ethereum Price has begun a decent upward move that beats Bitcoin and surpasses the $2,500 zone. ETH prices were able to exceed resistance levels of $2,520 and $2,550.
The price cleared the $2,600 resistance zone and tested the $2,665 level. The high was formed at $2,677, and prices are currently consolidating profits. There was a small movement below the $2,620 level. Prices fell below the $2,620 level, increasing the FIB retracement level of 23.6%, from a swing of $2,476 to a $2,677.
Ethereum prices are currently trading above $2,550, a simple moving average of 100 hours. It also forms an important rising channel with $2,600 support on ETH/USD hourly charts.
The advantage is that the price could face resistance close to the $2,640 level. The next important resistance is close to the $2,665 level. The first major resistance is close to the $2,720 level. A clear move above the $2,720 resistance could potentially send prices towards the $2,780 resistance.
An upward break above the $2,780 resistance could require more profits in future sessions. If stated, ether could rise towards a $2,880 resistance zone, or even $2,920 in the short term.
What are the drawbacks of ETH?
If Ethereum fails to clear its $2,665 resistance, it could begin a new decline. The initial support for the downside is close to the $2,600 level. The first major support is located near the $2,575 zone with a 50% FIB retracement level of upward movements from $2,476 swing low to $2,677.
A clear move below the $2,575 support could push the price up to $2,500 support. Any further losses could send prices towards a support level of $2,420 in the short term. The following key support is $2,350.
Technical indicators
Timely MACD – ETH/USD’s MACD is gaining momentum in the bear zone.
Hourly RSI – ETH/USD’s RSI is below 50 zone.
Key Support Levels – $2,575
Major Resistance Levels – $2,665
