Ethereum Price Technical Analysis – ETH/USD Slides Below $680 2018-03-12

Aayush Jindal

1 year ago

2 mins read

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Key Highlights

ETH price formed a bottom near $650 and moved higher above $700 against the US Dollar.
There is a key breakout pattern forming with resistance at $730 on the hourly chart of ETH/USD (data feed via Kraken).
The pair must break and settle above $730 and $750 to gain upside momentum in the near term.

Ethereum price started a nice upside move against the US Dollar and Bitcoin. ETH/USD could rise further if it manages an hourly close above $730-750.

Ethereum Price Resistance

After a major downside move, there was a support base formed near $750 in ETH price against the US Dollar. The price started an upside move and traded above the $680 and $700 resistance levels. It even settled above the $700 level, which is a positive sign. A high was formed at $737 from where the price started consolidating in a range pattern.

It already tested the 23.6% Fib retracement level of the last wave from the $651 low to $737 high. It seems like there is a key breakout pattern forming with resistance at $730 on the hourly chart of ETH/USD. The pair may continue to trade inside the triangle with support at $710. If the price fails to hold the $710 support, the next support could be $690. Moreover, the 50% Fib retracement level of the last wave from the $651 low to $737 high is near $694 to act as a support.

On the other hand, if the pair breaks the $730 resistance, it could even break $750. A proper close above the $730 and $750 levels is needed for more gains. Above $750, the next immediate resistance is near the $770 level, which is also a pivot zone.

Hourly MACD – The MACD is slightly placed in the bullish zone.

Hourly RSI – The RSI is now placed nicely above the 50 level with a few positive signs.

Major Support Level – $710

Major Resistance Level – $750

Charts courtesy – Trading View

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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