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Ethereum prices have begun a new increase beyond the $2,220 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 $2,220 level.
- The price is over $2,320 and trades a simple moving average of 100 hours.
- ETH/USD timeline charts (data feed via Kraken) form a bullish trendline of connections with $2,390 support.
- The pair could begin to start a new increase once they settle beyond the $2,500 resistance zone in the short term.
Ethereum prices increase
Ethereum prices have started Fresh increase Similarly, it exceeds the $2,200 support level Bitcoin. ETH prices were able to clear resistance levels of $2,220 and $2,250 and moved into a positive zone.
The Bulls pushed the price above the downward wave’s 61.8% FIB retracement level from a swing high of $2,568 to a low of $2,115. However, they are currently facing hurdles near the $2,480 and $2,500 levels. Ethereum prices are currently trading above $2,320, a simple moving average of 100 hours.
Prices currently post FIB retracement levels of 76.4% of the downward wave from lows of $2,568 to $2,115. The advantage is that the price could face resistance close to the $2,500 level. The next important resistance is close to the $2,550 level.
The first major resistance is close to the $2,565 level. A clear move outweighs the $2,565 resistance could send the 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, and even in the short term, $2,800.
Another reduction in ETH?
If Ethereum fails to clear its $2,500 resistance, it could begin a new decline. The initial support for the downside is closer to the $2,390 level and trendline. The first major support is near the $2,350 zone.
A clear move below the $2,350 support could push the price up to $2,320 support. Any further losses could send prices towards a support level of $2,250 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 – $2,350
Major Resistance Levels – $2,500
