Ethereum Price began a new increase and rose above $ 4,700. ETH is now correcting the profits and could point to another increase if he deletes $ 4,685.
- Ethereum is now looking at a upward break over the $ 4,650 zone.
- The price is quoted above $ 4,550 and the simple mobile average of 100 hours.
- There was a break below a key bullish trend line with $ 4,660 support in the ETH/USD table (data feed through Kraken).
- The torque could begin a new increase if it is resolved above $ 4,650 and $ 4,685.
Ethereum Price Eyes Fresh Increase
Ethereum Price began a new increase after forming a base above the $ 4,350 zone, such as Bitcoin. Eth Price was able to rise above the resistance levels of $ 4,550 and $ 4,650.
The price even rose above $ 4,700. A maximum formed at $ 4,765 and the price is now consolidating profits. There was a lower setback below the FIB recoil level of 23.6% of the upward movement of the minimum of $ 4,268 to the maximum of $ 4,765.
In addition, there was a break below a key bullish trend line with support to $ 4,660 in the ETH/USD table. Ethereum Price is now quoted above $ 4,550 and the simple mobile average of 100 hours.
On the positive side, the price could face resistance near the level of $ 4,650. The following key resistance is close to the level of $ 4,685. The first important resistance is close to the level of $ 4,700. A clear movement above the resistance of $ 4,700 could send the price to the resistance of $ 4,750. An upward break over the resistance of $ 4,750 may require more profits in the next sessions. In the established case, Ether could rise to the resistance zone of $ 4,820 or even $ 4,880 in the short term.
Another fall in ETH?
If Ethereum cannot eliminate the resistance of $ 4,685, a new decrease could begin. The initial support at the disadvantage is close to the level of $ 4,550. The first important support is close to the $ 4,520 zone and the 50% FIB retreat level of the amount of $ 4,268 to the maximum of $ 4,765.
A clear movement below the $ 4,520 support could boost the price towards the $ 4,420 support. More losses can send the price to the pivot level of $ 4,350 in the short term. The following key support is at $ 4,270.
Technical indicators
Macd per hour – The MacD for ETH/USD is losing impulse in the upward zone.
RSI per hour – The RSI for ETH/USD is now below zone 50.
Important support level: $ 4,550
Higher resistance level: $ 4,685
