- ETH price made a nice upside move and traded above the $720 resistance against the US Dollar.
- There are two important bullish trend lines forming with support at $685 on the hourly chart of ETH/USD (data feed via SimpleFX).
- On the upside, a break above the $735 level would open the doors for more gains in the near term.
Ethereum price is in a major uptrend against the US Dollar and Bitcoin. ETH/USD traded above $755 recently and looks set for more upsides.
Ethereum Price Monster Upside Run
There were continuing gains in ETH price as it was able to move above the $700 handle against the US Dollar. The price surged above the $720 and $750 resistance levels to trade to a new all-time high at $758.23. Later, a downside correction was initiated and the price moved below the $700 and $650 support levels. A low was formed at $631 from where the price moved higher once again.
It traded as high as $739.29 and is currently facing minor sell offers. On the downside, an initial support is around the 23.6% Fib retracement level of the last wave from the $631.75 low to $739.29 high. Moreover, there are two important bullish trend lines forming with support at $685 on the hourly chart of ETH/USD. The pair remains well supported above the $685 level. More importantly, the 50% Fib retracement level of the last wave from the $631.75 low to $739.29 high is also around $685.
Therefore, the trend lines and the fib support around $685 is a major hurdle for sellers and a good buy zone. On the upside, once the price crosses the $735 level, it could break the $758 high as well. The next target could be $800-820.
Hourly MACD – The MACD is placed well in the bullish zone.
Hourly RSI – The RSI is nicely moving above the 55 level and is showing positive signs.
Major Support Level – $685
Major Resistance Level – $735
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.