Ethereum prices have begun a new increase beyond the $2,450 zone. ETH is currently back at over $2,550 and may be aiming for an increase soon.
- Ethereum has begun a new increase above the $2,550 level.
- The price is trading above $2,575, a simple moving average of 100 hours.
- ETH/USD time charts (data feed via Kraken) form a short-term ascent channel with $2,570 in support.
- The pair could start a new increase if supported beyond the $2,520 zone in the short term.
Ethereum prices increase
Ethereum prices have started new increases, like Bitcoin, beyond the $2,450 zone. ETH prices have increased their pace to move beyond the $2,550 resistance zone and entered the positive zone.
The Bulls were able to push for a price that exceeded the $2,620 resistance. However, there was no upward expansion. The highs formed at nearly $2,636, and the price corrected some profits. There was a movement towards a 23.6% FIB retracement level of the upward movement from a $2,373 swing to $2,636 height.
Ethereum prices are currently trading above $2,560, a simple moving average of 100 hours. What's more, the ETH/USD hourly wage chart forms a short-term upward channel with $2,570 support.
The advantage is that the price can face resistance near the $2,625 level. The next important resistance is close to the $2,640 level. The first major resistance is close to the $2,650 level. A clear move outweighs the $2,650 resistance could potentially send the price to the $2,720 resistance.
An upward break above the $2,720 resistance could require more profits in future sessions. If stated, ether could rise towards a resistance zone of $2,750, or even $2,800 in the short term.
Another reduction in ETH?
If Ethereum fails to clear the $2,620 resistance, it could begin a new decline. The initial support for the downside is close to the $2,570 level. The first major support will be near the $2,520 zone.
A clear move below the $2,520 support could push the price up to $2,500 support. Any further losses could send prices towards a support level of $2,420 in the short term. The following key support is $2,350.
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 – $2,520
Major Resistance Levels – $2,620
