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    Ethereum Price Analysis – ETH/USD Consolidating Below $730

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    Key Highlights

    • ETH price is struggling to gain traction and is consolidating below $730 against the US Dollar.
    • There is a broad contracting triangle forming with support at $650 on the hourly chart of ETH/USD (data feed via SimpleFX).
    • The pair might continue to trade in a range above $650 and with resistance at $730.

    Ethereum price is moving in a range against the US Dollar and Bitcoin. ETH/USD has to move above $730 to gain traction in the near term.

    Ethereum Price Range

    There was a decent price action in ETH price above $600 against the US Dollar. The price traded higher above $700 on a couple of occasions, but failed to gain momentum. There were failures near $730 and $720. It recently traded as high as $730.58 from where it corrected lower. It moved below the 23.6% Fib retracement level of the last wave from the $611.11 low to $730.58 high. There was also a close below $700 and the 100 hourly simple moving average.

    Later, the price recovered and settled above the 100 hourly SMA and $700. It seems like there is a broad contracting triangle forming with support at $650 on the hourly chart of ETH/USD. The pair is trading in a broad range with resistance at $730 and support above $650. An intermediate support is around the 50% Fib retracement level of the last wave from the $611.11 low to $730.58 high. On the downside, the triangle support holds a lot of importance along with the 61.8% Fib retracement level of the last wave from the $611.11 low to $730.58 high.

    If the pair continues to rise toward $730, it would be interesting to see the next move. Either ETH/USD will break $730 and move higher or it will move down back toward $660.

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

    Hourly RSI – The RSI is moving higher toward the 50 level.

    Major Support Level – $650

    Major Resistance Level – $730

     

    Charts courtesy – SimpleFX

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