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Ethereum prices have begun a new increase beyond the $2,350 zone. ETH is currently showing positive signs and may be aiming to move beyond the $2,550 zone.
- Ethereum has launched a new upward move above the $2,320 level.
- The price is over $2,350 and trades a simple moving average of 100 hours.
- ETH/USD time charts (data feed via Kraken) form a bullish trendline of connections with $2,440 support.
- The pair could begin to start a new increase once they settle beyond the $2,550 resistance zone in the short term.
Ethereum prices increase
Ethereum prices have begun a new rise above the $2,250 support level. Bitcoin. ETH prices were able to clear resistance levels of $2,320 and $2,350 and moved into a positive zone.
The Bulls were above the FIB retracement level of 61.8% for the downward movement, from a swing high of $2,568 to a low of $2,115. Prices currently face hurdles near the $2,500 zone. Ethereum prices are currently trading above $2,450 100 hours simple moving average.
Prices are currently packed near the 76.4% FIB retracement level of the downward movement from a $2,568 swing high to a low of $2,115. The advantage is that the price could face resistance close to the $2,480 level. The next important resistance is close to the $2,500 level.
The first major resistance is close to the $2,550 level. A clear move above the $2,550 resistance could turn the price towards the $2,600 resistance. An upward break above the $2,600 resistance could require more profits in future sessions. If stated, ether could rise towards a resistance zone of $2,720, and even in the short term, $2,800.
Another drop in ETH?
If Ethereum fails to clear its $2,550 resistance, it could begin a new decline. The initial support for the downside is closer to the $2,440 level and trendline. The first major support is near the $2,390 zone.
A clear move below the $2,390 support could push the price up to $2,310 support. Any further losses could send prices towards a support level of $2,220 in the short term. The following key support is $2,150:
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 – $2,310
Major Resistance Levels – $2,550
