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Key Highlights
- ETH price made a nice upside move and traded above the $740 level against the US Dollar.
- There is a new connecting bullish trend line forming with support at $735 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The pair has to move above the $760 level in order to gain traction in the near term.
Ethereum price is moving nicely against the US Dollar and Bitcoin. ETH/USD has to clear sell offers near $760 to gain upside momentum.
Ethereum Price Trend
There is a decent price action forming above $710 in ETH price against the US Dollar. The price managed to slowly move higher above the $730 and $735 levels. However, the price is struggling to break the $760 resistance level, which is the final line of defense for sellers. Once there is a break and close above the $760 level, there can be more gains in the near term.
On the downside, there is a new connecting bullish trend line forming with support at $7350 on the hourly chart of ETH/USD. Below the trend line support, the 23.6% Fib retracement level of the last wave from the $598 low to $759 high is at $716 to prevent declines. Below the mentioned $716, the 100 hourly simple moving average is at $700 to act as a major support area for buyers. If at all sellers succeed in pushing the price below $700, the price can test $676. The stated $676 level is the 50% Fib retracement level of the last wave from the $598 low to $759 high.
The current price action is positive as of now above $715. However, buyers need to pierce the $760 level to gain further momentum in the near term.
Hourly MACD – The MACD is reducing its bullish slope, but it is still positive.
Hourly RSI – The RSI is still above the 50 level and is showing positive signs.
Major Support Level – $715
Major Resistance Level – $760
Charts courtesy – SimpleFX
