Cryptocurrency

The goal of Ethereum price is to rise. Can the Bulls recover control?

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Ethereum prices started a new rise from the $2,470 region. ETH now faces resistance at the $2,650 and $2,660 levels.

  • Ethereum started above the $2,500 level.
  • The price is trading above $2500, while the 100-hour simple moving average.
  • There is a breakout below the short-term uptrend channel, supporting $2,580 on the hourly chart of ETH/USD (via Kraken’s feed).
  • If the support zone is trading below $2,545 in the short term, the couple’s deal could prolong the loss.

Ethereum price faces resistance

Ethereum price started a nice wave of recovery from the $2,470 region, beating Bitcoin. ETH Price is able to climb to resistance levels of $2,500 and $2,540.

Price cleared the 50% FIB retracement level from the $2,788 swing high to the $2,470 low. However, these bears appear to be active in the $2,660 resistance zone. Prices are again below the $2,600 level.

There is a breakout below the short-term uptrend channel, with $2,580 supported in the hourly chart of ETH/USD. Ethereum prices are now trading above the $2,540 and the 100-hour simple moving average.

On the plus side, the price could face resistance at the $2,620 level. The next key resistance is close to the $2,650 level. The first major resistance is close to the $2,660 level. It approaches a 61.8% FIB retracement level from a swing high of $2,788 to a low of $2,470.

Ethereum Price
Source: ethusd on tradingview.com

A noticeable move to resistors above $2,660 could shift the price to resistors at $2,720. A rise in resistors above $2,720 could demand more gains in the upcoming meeting. In the case of statements, Ether may rise toward the $2,780 resistance zone or even $2,880 in the short term.

More losses from ETH?

If Ethereum fails to clear the $2,660 resistor, a new drop may begin. The initial support for disadvantages is close to $2,545. The first major support is located near the $2500 area.

A clear move to support below $2,500 could push the price toward support of $2,470. In the short term, more losses could shift the price to the support level of $2,420. Next key supports $2,350.

Technical Indicators

Hourly MACDMACD of ETH/USD is gaining momentum in the bearish zone.

Hourly RSIThe RSI of ETH/USD is now near the 50 area.

Main support level – $2,545

Main resistance level – $2,660

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