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Ethereum -price shows positive signs above $ 2,620 zone. ETH exceeds Bitcoin and can start a new increase in the short term.
- Ethereum still shows positive signs above $ 2,600 zone.
- The price is traded above $ 2,650 and the 100-hour simple advancing average.
- There is an important contracting triangle that forms with resistance to $ 2,700 on the hourly table ETH/USD (data feed via Kraken).
- The couple can start a decent upward movement if it settles above $ 2,700 and $ 2,725.
Ethereum -Price remains supported
Ethereum -Price tried a new increase above the level of $ 2,750 and defeated Bitcoin. ETH broke the resistance of $ 2,780, but it was unable to erase in the $ 2,850 resistance zone.
A high was formed at $ 2,847 and the price started a new decrease. There was a movement under the support levels of $ 2,700 and $ 2,650. A low point was formed at $ 2,605 and the price is now consolidating. There was a movement above the 23.6% FIB racement level of the downward movement of the $ 2,845 Swing high to $ 2,605 low.
Ethereum price is now traded above $ 2,650 and the 100-hour simple advancing average. At the top the price seems to be confronted with obstacles near the level of $ 2,700. There is also an important contracting triangle that forms with resistance at $ 2,700 on the ETH/USD graph per hour.
The first major resistance is near the level of $ 2,725 or the 50% FIB retracement level of the downward movement of the $ 2,845 Swing high to $ 2,605 low. The most important resistance is now almost $ 2,750 or $ 2,755.
A clear movement above the $ 2,755 resistance can send the price to the $ 2,850 resistance. An upward break above the $ 2,850 resistance can request more profit in the coming sessions. In the indicated case, Ether could rise in the short term to the $ 3,000 resistance zone or even $ 3,050.
Another drop in ETH?
If Ethereum did not know the resistance of $ 2,725, this can start a new decline. The first support at the disadvantage is near the level of $ 2,660. The first major support is near the $ 2,600 zone.
A clear movement under the support of $ 2,600 can push the price to $ 2,550 support. All losses can send the price in the short term to the support level of $ 2,500. The following key support is $ 2,440.
Technical indicators
Hour MacD – The MACD for ETH/USD loses Momentum in the bearish zone.
Hour RSI – The RSI for ETH/USD is now above 50 zone.
Large support level – $ 2,660
Large resistance level – $ 2,725