- ETH price is slowly gaining pace from the $677 swing low against the US Dollar.
- There is a connecting bullish trend line forming with current support at $685 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair has to move above the 100 hourly simple moving average and $710 to gain traction.
Ethereum price is slowly rising higher against the US Dollar and Bitcoin. ETH/USD may climb higher in the near term above the $710 level.
Ethereum Price Resistance
Yesterday, there was a downside move, but it was contained by the $677 level in ETH price against the US Dollar. The price was seen struggling, but buyers succeeded in preventing any major breakdown towards $620. A low was formed at $677 recently and the price is currently correcting higher. It has moved above the 23.6% Fib retracement level of the last decline from the $739 high to $677 low.
However, there are many barriers on the upside for buyers around $708-710. The 100 hourly simple moving average is positioned near $710. Moreover, the 50% Fib retracement level of the last decline from the $739 high to $677 low is at $708. Therefore, a break above the $708-710 is needed for buyers to gain upside momentum in the near term. Above $710, the next major resistance is near $735 and $737. The stated $735 level acted as a resistance on many occasions, and it may continue to prevent gains.
On the downside, there is a connecting bullish trend line forming with current support at $685 on the hourly chart of ETH/USD. The pair remains supported on the downside around $685. However, it must rise above $710 to avoid a downside reaction in the near term.
Hourly MACD – The MACD is gaining pace in the bullish zone.
Hourly RSI – The RSI is now placed nicely above the 50 level with positive signs.
Major Support Level – $685
Major Resistance Level – $710
Charts courtesy – Trading View