Ethereum Price found support for $2,460 and started a new increase. ETH is currently up over 5% and could attempt to clear the $2,720 resistance.
- Ethereum has begun a decent increase above the $2,550 and $2,620 levels.
- The price is traded at a simple moving average of nearly $2,580 and 100 hours.
- The ETH/USD hourly wage chart (data feed via Kraken) has a bullish trendline for new connections, formed with $2,575 support.
- The pair could potentially extend their profits if they clear their $2,720 resistance zone in the short term.
Ethereum prices will rise by more than 5%
Ethereum prices have begun a new increase from the $2,460 support zone, beating Bitcoin. ETH prices were able to recover above the $2,550 and $2,620 resistance levels.
The price exceeded the $2,650 level. However, the bear was operating near the $2,720 resistance zone. Prices began to correct the negative side and traded below the $2,700 level. Additionally, there was a move below the 23.6% FIB retracement level from a $2,463 Swing Low to $2,711.
Ethereum prices are currently trading a simple 100-hour moving average, close to $2,580. Additionally, the ETH/USD hourly wage chart has created a bullish trendline for new connections with $2,575 support.
The advantage is that the price could face resistance close to the $2,680 level. The next important resistance is close to the $2,720 level. The first major resistance is close to the $2,750 level. A clear move above the $2,750 resistance could turn the price towards the $2,800 resistance.
An upward break above the $2,800 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.
ETH defect correction?
If Ethereum fails to clear its $2,720 resistance, it could begin a new decline. The initial support for the downside is close to the $2,620 level. The first major support is near the $2,580 zone. This is close to the 50% FIB retracement level of an upward movement from a $2,463 swing to $2,711.
A clear move below the $2,580 support could push the price up to $2,520 support. Any further losses could send prices towards a support level of $2,460 in the short term. The following key support is $2,420.
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 – $2,580
Major Resistance Levels – $2,720
