Analysis Technical

Ethereum Price Technical Analysis – ETH/USD Could Surpass $725

Aayush Jindal | May 3, 2018 | 5:00 am
Ethereum Price Technical Analysis ETH USD
Analysis

Ethereum Price Technical Analysis – ETH/USD Could Surpass $725

Aayush Jindal | May 3, 2018 | 5:00 am

Key Highlights

  • 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.

Ethereum Price Technical Analysis ETH USD

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

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.