Ethereum prices have begun a new rise above $4,520. ETH is currently showing positive signs and may try to clear the $4,680 resistance.
- Ethereum is currently above the $4,550 zone.
- The price is trading above $4,580, and is a simple moving average of 100 hours.
- The ETH/USD hourly wage chart (data feed via Kraken) had a break above the bearish trendline with resistance of $4,550.
- The pair could start a new increase if they exceed $4,640 and $4,700.
Ethereum price eye steadily increases
Ethereum Price, like Bitcoin, extended its loss of less than $4,550 before the Bulls appeared. ETH prices tested the $4,415 zone and recently launched a recovery wave.
Prices rose above the $4,500 and $4,520 resistance levels. The Bulls surpassed the 50% FIB retracement level from the $4,765 Swing High to a low of $4,416. What’s more, on the ETH/USD hourly wage chart, there was a break above the bearish trendline at $4,550.
Ethereum prices are currently trading above $4,580, a simple moving average of 100 hours. Conversely, the price could face downward resistance at a level of $4,635 or a FIB retracement level of 61.8%.
The next important resistance is close to the $4,680 level. The first major resistance is close to the $4,720 level. A clear move above the $4,720 resistance could turn the price towards the $4,750 resistance. A rise break that surpasses the $4,750 hurdle may require more profits in future sessions. If stated, ether could rise towards a $4,850 resistance zone, and even $4,880.
Another drop in ETH?
If Ethereum fails to clear its $4,680 resistance, it could begin a new decline. The initial support for the downside is close to the $4,580 level. The first major support is located near the $4,535 zone.
A clear move below the $4,535 support could push the price up to $4,500 support. Any further losses could send prices to the $4,420 region in the short term. The following key support is $4,350.
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 – $4,535
Major Resistance Levels – $4,680
