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
