Ethereum is aiming for a new increase, similar to Bitcoin. ETH has to exceed $2,665 in order for it to keep rising and reach a new peak.
- Ethereum has set a target of a further increase beyond the level $2,665.
- The 100-hour Simple Moving average and price are both above $2.620.
- On the chart hourly of ETH/USD, there was a breakout above a bearish connecting trend line that had resistance at $2.625 (data via Kraken).
- For a new increase to occur in the short term, both pairs must remain above the support of $2,600.
Ethereum Price Expects to Rise Further
Ethereum’s price has found support around $2,550 and is now on a new upward trend. Bitcoin. ETH managed to break through the resistance of $2,600, however, upsides were lower than BTC.
Price climbed over the Fib 50% retracement of the decline from the swing high at $2,700 to the low at $2,554. On the hourly chart for ETH/USD, there has also been a breakout above a bearish trendline with a resistance of $2,625 that connects it.
Ethereum’s price has now risen above $2.620. 100-hourly Simple Moving Average. Price seems to have some resistance near the level of $2,665. The price is close to the Fib 76.4% retracement of the decline from the swing high at $2,700 down to the low at $2,554.
Near the level of $2700, we find our first significant resistance. Near $2,720 is the next major resistance. If Ether breaks above $2.720, it could see more gains coming in future sessions. Ether might rise to the $2.780 area of resistance in the next few months. The next obstacle is located near $2.850, or $2.880.
A Drop in ETH Prices?
Ethereum may start another downfall if the $2.665 level is not cleared. Initial support to the downside can be found near $2,600 and the 100 Hour Simple Moving average. The $2,550 area is the first significant support.
Price could be pushed to $2.525, if the support level of $2.550 is breached. Any further declines could send the price to the $2.480 support in the near future. The key next support level is $2,440.
Technical Indicators
The Hourly MACD – The MACD of ETH/USD has lost momentum and is now in the bearish zone.
Hourly RSI – The RSI of ETH/USD has fallen below 50.
Major Support Level – $2,600
Major Resistance Level – $2,665
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Source: www.newsbtc.com
