Ethereum prices have begun a new increase from the $2,120 zone. ETH is currently up over 8% and could face resistance near the $2,460 zone.
- Ethereum has launched a new upward move above the $2,200 level.
- The price is trading above $2,250, and is a simple moving average of 100 hours.
- There was a break on the ETH/USD hourly wage chart (data feed via Kraken) above a key bearish trend line with resistance.
- The pair could begin to start a new increase once they settle beyond the $2,460 resistance zone in the short term.
Ethereum Price regains traction
Ethereum prices have started a new rise, like Bitcoin, from a support level of $2,120. ETH prices were able to clear resistance levels of $2,200 and $2,250 and moved into a positive zone.
What’s more, there was a break above the key bearish trend line with resistance on the ETH/USD hourly wage chart. The Bulls were above the FIB retracement level of 61.8% of the downward movement, from a swing high of $2,568 to a low of $2,114.
Ethereum prices are currently trading above $2,300, a simple moving average of 100 hours. The advantage is that the price could face resistance close to the $2,440 level. The next important resistance is close to the $2,460 level. This is close to the 76.4% FIB retracement level of downward movement, from the $2,568 Swing High to the $2,114 low.
The first major resistance is close to the $2,500 level. A clear move above the $2,500 resistance could send prices to the $2,550 resistance. An upward break above the $2,550 resistance could require more profits in future sessions. If specified, ether could rise towards a $2,620 resistance zone, or even $2,650.
Another reduction in ETH?
If Ethereum fails to clear its $2,460 resistance, it could begin a new decline. The initial support for the downside is close to the $2,340 level. The first major support will be near the $2,320 zone.
A clear move below the $2,320 support could push the price up to $2,250 support. Any further losses could send prices towards a support level of $2,150 in the short term. The following key support is $2,120:
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 – $2,320
Major Resistance Levels – $2,460