- ETH price is struggling to gain traction and is consolidating below $730 against the US Dollar.
- There is a broad contracting triangle forming with support at $650 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The pair might continue to trade in a range above $650 and with resistance at $730.
Ethereum price is moving in a range against the US Dollar and Bitcoin. ETH/USD has to move above $730 to gain traction in the near term.
Ethereum Price Range
There was a decent price action in ETH price above $600 against the US Dollar. The price traded higher above $700 on a couple of occasions, but failed to gain momentum. There were failures near $730 and $720. It recently traded as high as $730.58 from where it corrected lower. It moved below the 23.6% Fib retracement level of the last wave from the $611.11 low to $730.58 high. There was also a close below $700 and the 100 hourly simple moving average.
Later, the price recovered and settled above the 100 hourly SMA and $700. It seems like there is a broad contracting triangle forming with support at $650 on the hourly chart of ETH/USD. The pair is trading in a broad range with resistance at $730 and support above $650. An intermediate support is around the 50% Fib retracement level of the last wave from the $611.11 low to $730.58 high. On the downside, the triangle support holds a lot of importance along with the 61.8% Fib retracement level of the last wave from the $611.11 low to $730.58 high.
If the pair continues to rise toward $730, it would be interesting to see the next move. Either ETH/USD will break $730 and move higher or it will move down back toward $660.
Hourly MACD – The MACD is slightly placed in the bullish zone.
Hourly RSI – The RSI is moving higher toward the 50 level.
Major Support Level – $650
Major Resistance Level – $730
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.