Ethereum Price found support for $2,500 and started a new increase. ETH is currently on the rise and could be aiming to move beyond the $2,750 resistance zone.
- Ethereum has begun a decent increase above the $2,550 and $2,620 levels.
- The price is over $2,540 and trades a simple moving average of 100 hours.
- ETH/USD time charts (data feeds via Kraken) form a bullish trendline of connections with $2,550 support.
- The pair can gain strength by clearing $2,750 resistance in the short term.
Ethereum prices earn strength
Ethereum prices began a decent rise after Bitcoin was traded to a new all-time high. The ETH bull is operating near the $2,500 zone, with prices rising above the $2,600 resistance.
There was a move above the $2,620 and $2,650 levels. The price was over $2,720. The high was founded at $2,731, and the price currently combines profits above the 23.6% FIB retracement level, up to a low $2,442 swing of $2,731.
Ethereum prices are currently trading above $2,675, a simple moving average of 100 hours. There is also a bullish trendline for connections formed with $2,550 support on the ETH/USD hourly wage chart.
The advantage is that the price could face resistance close to the $2,740 level. The next important resistance is close to the $2,750 level. The first major resistance is close to the $2,800 level. A clear move above the $2,800 resistance could turn the price towards the $2,840 resistance.
An upward break above the $2,840 resistance could require more profits in upcoming sessions. If stated, ether could rise towards a resistance zone of $2,920, or even $3,000 in the short term.
Is ETH restricted?
If Ethereum fails to clear its $2,750 resistance, it could begin a new decline. The initial support for the downside is close to the $2,675 level. The first major support is near the $2,550 zone and trendline. This is close to the 61.8% FIB retracement level of an upward movement from a $2,442 swing to $2,731.
A clear move below $2,550 support could push the price up to $2,500 support. Any further losses could send prices towards a support level of $2,450 in the short term. The following key support is $2,420.
Technical indicators
Timely MACD – ETH/USD’s MACD is gaining momentum in the bullish zone.
Hourly RSI – ETH/USD’s RSI is over 50 zones.
Key Support Levels – $2,550
Major Resistance Levels – $2,740
