Key Highlights
- ETH price is slowly moving higher and is currently above the $720 level against the US Dollar.
- There is a major bullish trend line forming with support at $710 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The pair is now above the 100 hourly simple moving average and is moving towards $800.
Ethereum price is back in the bullish zone against the US Dollar and Bitcoin. ETH/USD might gain further in the near term towards the $800 level.
Ethereum Price Support
It seems like another support base was formed at $615 in ETH price against the US Dollar. The price has moved above the $650 level and the 100 hourly simple moving average. The best part is a close above the 50% Fib retracement level of the last decline from the $838 high to $475 low. The current price action is positive above the $700 level and it looks like the price might continue to head higher.
On the downside, there is a major bullish trend line forming with support at $710 on the hourly chart of ETH/USD. The trend line is also around the 100 hourly SMA at $690, which is a key support area. At the moment, the price is struggling to move above the 76.4% Fib retracement level of the last decline from the $838 high to $475 low. Once there is a close above the $752 level, there can be more gains above the $780 level. The next major resistance is around the $800 level. The last one is around the $830 swing high.
On the downside, the $700 level is a decent support. However, the $680 level and the 100 hourly SMA is a good buy zone.
Hourly MACD – The MACD is now back in the bullish zone.
Hourly RSI – The RSI is moving higher and is heading towards the 65 level.
Major Support Level – $680
Major Resistance Level – $752
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.
