Ethereum Price corrected its profits and tested the $2,500 zone. ETH is rising again and may soon be aiming to move above the $2,600 zone.
- Ethereum began fixing from the $2,740 zone and tested $2,500.
- The price is trading above $2,520, and is a simple moving average of 100 hours.
- There are bullish flags where a major decline channel or resistance can form.
- The pair can gain strength by clearing $2,600 resistance in the short term.
Ethereum price eye upside down
Ethereum Price struggled to clear the $2,740 resistance and began fixing downsides like Bitcoin. ETH is trading below the support levels of $2,700 and $2,650.
The bear managed to drop the price below the 50% FIB retracement level of the upward movement from a $2,415 swing to a height of $2,735. The price was below the $2,520 level, but the Bulls were operating near the $2,500 zone.
At price, support was found near the 76.4% FIB retracement level of upward movement from $2,415 to $2,735. The ether is again rising from the $2,500 zone.
Ethereum prices are currently trading above $2,520, a simple moving average of 100 hours. The advantage is that the price appears to be facing a hurdle near the $2,575 level. Also, the ETH/USD hourly wage chart has a critical decline channel or possible bullish flag that forms with a resistance of $2,575.
The next important resistance is close to the $2,600 level. The first major resistance is close to the $2,650 level. A clear move above the $2,650 resistance could turn the price towards the $2,735 resistance. An upward break above the $2,735 resistance could require more profits in future sessions. If stated, ether could rise towards a $2,800 resistance zone, and even $2,920.
Another reduction in ETH?
If Ethereum fails to clear its $2,600 resistance, it could begin a new decline. The initial support for the downside is close to the $2,525 level. The first major support is near the $2,500 zone.
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 gaining momentum in the bullish zone.
Hourly RSI – ETH/USD’s RSI is over 50 zones.
Key Support Levels – $2,500
Major Resistance Levels – $2,600
