Key Highlights
- ETH price is moving back higher after testing the $670 support zone against the US Dollar.
- There was a break above a key bearish trend line with resistance at $702 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The pair might continue to move higher and it could even test the most important resistance at $750-760.
Ethereum price is slowly moving higher against the US Dollar and Bitcoin. ETH/USD might continue to rise towards the next major resistance at $750.
Ethereum Price Upside Hurdle
There were further declines in ETH price below the $700 level against the US Dollar. The price declined below the $675 level and tested the $670 support zone. A low was formed at $663 from where an upside wave was initiated. During the upside move, the price was able to break the 23.6% Fib retracement level of the last drop from the $761 high to $663 low.
Moreover, there was a break above a key bearish trend line with resistance at $702 on the hourly chart of ETH/USD. The pair gained upside momentum and was able to move above the 50% Fib retracement level of the last drop from the $761 high to $663 low. At the moment, the pair is attempting a close above the 100 hourly simple moving average and the $718 resistance. Once the pair settles above the 100 hourly SMA, there can be a break above $725.
ETH buyers need to push the price above the 61.8% Fib retracement level of the last drop from the $761 high to $663 low. Once they succeed, there are high chances that the price will test the $750 resistance. Above $750, the price could even test the $761 swing high.
Hourly MACD – The MACD is about to move back in the bullish zone.
Hourly RSI – The RSI has moved above the 50 level, which is a positive sign.
Major Support Level – $700
Major Resistance Level – $750
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.
Source: newsBTC