Key Highlights
- ETH price has recovered well and is currently trading above the $680 pivot zone against the US Dollar.
- There was a break above a bearish trend line with resistance at $670 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The pair is now positioned nicely to gain further in the near term above $700.
Ethereum price looks like completed a correction against the US Dollar and Bitcoin. ETH/USD might recover further above $700 in the near term.
Ethereum Price Resistance
Recently, we saw a lot of swing moves in ETH price above $550 against the US Dollar. The price corrected towards the $740 level where it faced sellers and started a downside move once again. It traded below the 23.6% Fib retracement level of the last wave from the $475 low to $739 high. The downside move was mostly a correction wave as it remained supported above the $570 level.
There was a complete test of the 50% Fib retracement level of the last wave from the $475 low to $739 high. It was a positive sign and after testing the $605 support area, the price started a fresh upside wave. It has moved above the $680 pivot and is slowly gaining momentum. During the upside move, there was a break above a bearish trend line with resistance at $670 on the hourly chart of ETH/USD. It has opened the doors for more gains and the pair has move above the $700 level.
At the moment, the price is attempting a break above the $705 resistance and the 100 hourly simple moving average. Once there is a close above the 100 hourly SMA, the price could gain further traction towards the $740 level.
Hourly MACD – The MACD is moving back in the bullish zone.
Hourly RSI – The RSI is moving higher and is nicely placed above the 50 level.
Major Support Level – $680
Major Resistance Level – $740
Charts courtesy – SimpleFX
Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.
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