Ethereum, traded around $ 1415, saw a 6.5% price increase today. The coin rose from $ 1100 on Friday and closed yesterday’s candle at $ 1392 (1.618 Fib Extension). The cryptocurrency is trading within a wide ascending price channel and today it is opposing the cap.
ETH roie earlier in the day to break this channel and set a new ATH price above $ 1480. Since then, it has been tipped to return below the previous ATH price of $ 1425.
Looking ahead, the initial resistance level is $ 1425. The new ATH follows this with 1480, then 1530 (1.414 Fib Extension) and $ 1582. Beyond $ 1600 there are resistances at the 1647, 1686 (1.414 Fib Extension – yellow), 1700 and $ 1768 (1.618 Fib extension – purple) levels.
On the other hand, the initial support level is $ 1392. This is followed by 1350, 1300, 1260 (.236 Fib), 1200 and $ 1125 (.382 Fib).
While the RSI peaks lower, the RSI shows signs of a bearish trend as the price moves higher. This may signal a return to the lower limit of the price channel in the short term.
Key Support Levels: $ 1392, 1350 and $ 1300
Key Resistance Levels: $ 1425, 1480 and $ 1530