Uncategorized

Ethereum Price Technical Analysis – ETH/USD To Retest $750?

Aayush Jindal | December 29, 2017 | 6:00 am
Uncategorized

Ethereum Price Technical Analysis – ETH/USD To Retest $750?

Aayush Jindal | December 29, 2017 | 6:00 am

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.

Ethereum Price Technical Analysis ETH USD

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

Tags: , , , , , , , , ,

NewsBTC is a news service that covers bitcoin news, technical analysis & forecasts for bitcoin and other altcoins. Here at NewsBTC, we are dedicated to enlightening people all around the world about bitcoin and other cryptocurrencies. We cover news related to bitcoin exchanges, bitcoin mining and price forecasts for various virtual currencies.

Get the app

Featuring live charts, price analysis, breaking news, currency converter and more. The only bitcoin app you need!

We use cookies to give you the best online experience. By agreeing you accept the use of cookies in accordance with our cookie policy.