Ethereum Price has increased beyond the $2,700 zone. ETH is currently revising its profits and could potentially revisit the $2,575 support zone.
- Ethereum began a new increase, clearing its $2,700 resistance.
- The price is trading above $2,620, and is a simple moving average of 100 hours.
- The ETH/USD hourly wage chart (data feed via Kraken) had a break above the connected bearish trendline with $2,450 in resistance.
- The pair can find bids close to $2,575 and start new increases in the short term.
Ethereum prices resume rally
Ethereum prices remained supported, beating Bitcoin and starting a new increase above $2,550. ETH gained pace for movements that surpassed the $2,620 resistance zone.
The ETH/USD hourly wage chart had a break above the bearish trendline of connections with $2,450 resistance. 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.
There was a slight decrease below the 23.6% FIB retracement level of the upward movement from a $2,416 swing low to $2,736. However, the Bulls are still operating at over $2,620.
Ethereum prices are currently trading above $2,640, a simple moving average of 100 hours. The advantage is that the price appears to be facing a hurdle close to the $2,720 level. The next important resistance is close to the $2,735 level. The first major resistance is close to the $2,750 level.
A clear move above the $2,750 resistance could potentially send prices towards the $2,840 resistance. An upward break above the $2,840 resistance could require more profits in upcoming sessions. If specified, ether could rise towards a $2,880 resistance zone, or even $2,950 in the short term.
Another pullback from ETH?
If Ethereum fails to clear the $2,720 resistance, it may start a fresh defect correction. The initial support for the downside is close to the $2,600 level. The first major support is located near the $2,575 zone and has a 50% FIB retracement level of upward movements up to $2,736, a swing of $2,416.
A clear move below the $2,575 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 – $2,720
Major Resistance Levels – $2,575
