Ethereum prices have begun a new increase beyond the $1,580 zone. ETH is currently consolidating profits and may be aiming for profits above $1,665.
- Ethereum has begun a decent increase above the $1,580 and $1,620 levels.
- The price is a simple moving average of less than $1,620 and a 100-hour trade.
- The ETH/USD hourly wage chart (data feed via Kraken) has a new bearish trend line of connections that will form with a $1,640 resistance.
- The pair could begin a new increase once they clear the $1,665 resistance zone.
Ethereum prices increase the pace
Ethereum prices have formed a base of over $1,500 and have started new growths, like Bitcoin. ETH gained pace for moves above the $1,550 and $1,580 resistance levels.
The Bulls even pumped out prices beyond the $1,620 zone. The high was formed at $1,668, and the price recently began revising the downside. There was a move below the $1,650 support zone. Prices fell below the 23.6% FIB retracement level of upward movement from the $1,482 Swing Low to $1,668 height.
Ethereum prices are currently below $1,600, trading a simple 100-hour moving average. The advantage is that the price appears to be facing a hurdle close to the $1,640 level. There is also a new connection bearish trend line that forms with $1,640 in resistance on the ETH/USD hourly wage chart.
The next important resistance is close to the $1,665 level. The first major resistance is close to the $1,680 level. A clear move above the $1,680 resistance could turn the price towards the $1,720 resistance. Upside down above the $1,720 resistance may require more profits in future sessions. If stated, ether could rise towards a $1,750 resistance zone, and even $1,800.
More losses in ETH?
If Ethereum fails to clear the $1,640 resistance, it could begin a negative side fix. The initial support for the downside is close to the $1,600 level. The first major support is located near the $1,575 zone and has a 50% FIB retracement level of upward movements up to $1,668, a swing low of $1,482.
A clear move below the $1,575 support could push the price up to $1,550 support. Any further losses could send prices towards a support level of $1,520 in the short term. The following key support is $1,480:
Technical indicators
Timely MACD – ETH/USD’s MACD is losing momentum in the bullish zone.
Hourly RSI – ETH/USD’s RSI is over 50 zones.
Key Support Levels – $1,575
Major Resistance Levels – $1,665
