- ETH price is trading higher and it recently broke the $700 resistance against the US Dollar.
- There was a break above yesterday’s highlighted key bearish trend line with resistance at $685 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair may continue to gain traction and it could even break the $720 level in the near term.
Ethereum price is gaining momentum against the US Dollar and Bitcoin. ETH/USD is back in a positive zone and it could trade towards $725-730.
Ethereum Price Trend
A good support base was formed near $660 in ETH price against the US Dollar. The price started trading higher and it broke the $665 and $670 resistance levels. It opened the doors for more gains above $670 and $700. During the upside move, the price succeeded in clearing the 76.4% Fib retracement level of the last drop from the $700.53 high to $584.50 low.
Finally, there was a break above yesterday’s highlighted key bearish trend line with resistance at $685 on the hourly chart of ETH/USD. The pair even broke the $700.00 level and the last swing high at $700.53. This means the price may continue to trade higher towards the 1.236 Fib extension of the last drop from the $700.53 high to $584.50 low. At the moment, there are many positive signs above $700 and it seems like buyers could push the price towards the $725 and $730 levels. On the downside, the broken resistance near $685 may act as a support if the price corrects lower.
Looking at the chart, the price is placed nicely above $700 and the 100 hourly simple moving average. Any correction from the current or a bit higher levels are likely to find buyers near $700, $685 and the 100 hourly SMA.
Hourly MACD – The MACD is moving nicely in the bullish zone.
Hourly RSI – The RSI is heading higher towards the 75 level.
Major Support Level – $685
Major Resistance Level – $727