Ethereum prices have begun a new increase beyond the $2,480 zone. ETH is currently consolidating its profits and may soon be aiming to move beyond the $2,520 resistance.
- Ethereum has launched a new upward move above the $2,450 level.
- The price is trading above $2,450, and is a simple moving average of 100 hours.
- ETH/USD timeline charts (data feed via Kraken) form a key bullish trend line with $2,440 support.
- The pair could begin to launch new increases if they remain stable beyond the $2,420 zone in the short term.
Ethereum prices increase
Ethereum prices have started a new rise, like Bitcoin, above the $2,420 support level. ETH prices were able to move into positive zones by clearing resistance levels of $2,450 and $2,480.
The Bulls have pushed prices up above the $2,500 zone. However, the bull was active above the $2,500 level. The high was formed at $2,523, and the price is currently integrated beyond the rising level above the 23.6% FIB retracement level from a swing of $2,394 to a height of $2,523.
Ethereum prices are currently trading above $2,450, a simple moving average of 100 hours. There is also a key bullish trend line with $2,440 in support on the ETH/USD hourly wage chart.
The advantage is that the price could face resistance close to the $2,520 level. The next important resistance is close to the $2,550 level. The first major resistance is close to the $2,580 level. A clear move above the $2,580 resistance could send a price to the $2,650 resistance.
An upward break above the $2,650 resistance could require more profits in future sessions. If stated, ether could rise towards a resistance zone of $2,720, or even $2,800 in the short term.
ETH defect correction?
If Ethereum fails to clear the $2,520 resistance, it could begin a new decline. The initial support for the downside is close to the $2,480 level. The first major support will be near the $2,460 zone or 50% FIB retracement level.
A clear move below the $2,460 support could push the price up to $2,440 support. Any further losses could send prices towards a support level of $2,400 in the short term. The following key support is $2,350.
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 – $2,440
Major Resistance Levels – $2,520
