Ethereum Price has increased beyond the $2,720 zone. ETH is currently revising its profits and could potentially revisit the $2,500 support zone.
- Ethereum began a new increase, clearing its $2,720 resistance.
- The price is trading above $2,520, and is a simple moving average of 100 hours.
- There is a short-term decline channel or possible bullish flag, and I have a resistance at $2,630 on the ETH/USD hourly wage chart (data feed via Kraken).
- The pair can find bids of nearly $2,500 and start new increases in the short term.
Ethereum prices drop again
Ethereum prices remained supported, beating Bitcoin and starting a new increase above $2,620. ETH gained pace for movements that exceeded the $2,650 resistance zone.
The Bulls were able to push prices beyond the $2,700 resistance zone. The high was formed at $2,736, and the price is currently correcting profits. Prices fell below $2,650 and even below the 50% FIB retracement level of an upward movement from the $2,415 Swing Low to $2,736.
However, the Bulls are still operating at over $2,550. Ethereum prices are currently trading above $2,550, a simple moving average of 100 hours. The advantage is that the price appears to be facing a hurdle close to the $2,620 level. It also forms a short-term reduction channel or possible bullish flag with resistance at $2,630 on the ETH/USD hourly wage chart.
The next important resistance is close to the $2,680 level. The first major resistance is close to the $2,720 level. A clear move outweighs the $2,720 resistance could potentially send the price to the $2,820 resistance. An upward break above the $2,820 resistance could require more profits in future sessions. If specified, ether could rise towards a $2,880 resistance zone, or even $2,950 in the short term.
More losses in ETH?
If Ethereum fails to clear the $2,630 resistance, it may begin a new defect correction. The initial support for the downside is close to the $2,575 level. The first major support is near the $2,500 zone or 76.4% FIB retracement level, with an upward movement level from $2,415 Swing Low to $2,736.
A clear move below $2,500 support could push the price up to $2,420 support. Any further losses could send prices towards a support level of $2,350 in the short term. The following key support is $2,320.
Technical indicators
Timely MACD – ETH/USD’s MACD is losing momentum in the bullish zone.
Hourly RSI – ETH/USD’s RSI is below 50 zone.
Key Support Levels – $2,575
Major Resistance Levels – $2,680
