Ethereum -price extended its increase above $ 2,500 zone. ETH now corrects profits and can review the $ 2,350 support zone.
- Ethereum started a downward correction of the resistance of $ 2,600.
- The price is traded above $ 2,400 and the 100-hour simple advancing average.
- There was a break under a connecting bullish trend line with support for $ 2,500 on the hourly table ETH/USD (data special via Kraken).
- The couple could find bids in the neighborhood of $ 2,350 and a new increase in the short term.
Ethereum -Price strives for a new increase
Ethereum -price remained supported and started a new increase above $ 2,350, which defeated Bitcoin. ETH was given pace for a movement above the $ 2,400 resistance zone.
The bulls could push the price above the $ 2,550 resistance zone. The price achieved more than 35% and recently tested the $ 2,600 resistance zone. A high was formed at $ 2,624 and the price now corrects the profits. There was a small decrease below the 50% FIB racement level of the upward movement of the $ 2,272 Swing low to the $ 2,624 high.
There was a break under a connecting bullish trend line with support for $ 2,500 on the hourly table ETH/USD. However, the bulls are still active above $ 2,400. Ethereum price is now traded above $ 2,400 and the 100-hour simple advancing average.
At the top the price seems to have to do with obstacles near the level of $ 2,500. The next key resistance is near the level of $ 2,550. The first major resistance is near the level of $ 2,620. A clear movement above the $ 2,620 resistance can send the price to $ 2,650 resistance.
An upward break above the $ 2,650 resistance can request more profit in the coming sessions. In the declared case, Ether could rise to the $ 2,720 resistance zone or even $ 2,780 in the short term.
More losses in ETH?
If Ethereum did not know the resistance of $ 2,500, this can start a fresh downward correction. The first support at the disadvantage is near the level of $ 2,400. The first major support is near the $ 2,350 zone and the 76.4% FIB retracement level of the upward movement of the $ 2,272 Swing low to $ 2,624 high.
A clear movement under the support of $ 2,350 can push the price to $ 2,275 support. More losses can send the price in the short term to the support level of $ 2,220. The following key support is $ 2,200.
Technical indicators
Hour MacD – The MACD for ETH/USD loses momentum in the bullish zone.
Hour RSI – The RSI for ETH/USD is now below 50 zone.
Major support level – $ 2,350
Large resistance level – $ 2,500