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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.
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 MACD – MACD of ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI of ETH/USD is now near the 50 area.
Main support level – $2,545
Main resistance level – $2,660
