Key Highlights
- ETH price made a nice upside move and traded above the $720 resistance against the US Dollar.
- There are two important bullish trend lines forming with support at $685 on the hourly chart of ETH/USD (data feed via SimpleFX).
- On the upside, a break above the $735 level would open the doors for more gains in the near term.
Ethereum price is in a major uptrend against the US Dollar and Bitcoin. ETH/USD traded above $755 recently and looks set for more upsides.
Ethereum Price Monster Upside Run
There were continuing gains in ETH price as it was able to move above the $700 handle against the US Dollar. The price surged above the $720 and $750 resistance levels to trade to a new all-time high at $758.23. Later, a downside correction was initiated and the price moved below the $700 and $650 support levels. A low was formed at $631 from where the price moved higher once again.
It traded as high as $739.29 and is currently facing minor sell offers. On the downside, an initial support is around the 23.6% Fib retracement level of the last wave from the $631.75 low to $739.29 high. Moreover, there are two important bullish trend lines forming with support at $685 on the hourly chart of ETH/USD. The pair remains well supported above the $685 level. More importantly, the 50% Fib retracement level of the last wave from the $631.75 low to $739.29 high is also around $685.
Therefore, the trend lines and the fib support around $685 is a major hurdle for sellers and a good buy zone. On the upside, once the price crosses the $735 level, it could break the $758 high as well. The next target could be $800-820.
Hourly MACD – The MACD is placed well in the bullish zone.
Hourly RSI – The RSI is nicely moving above the 55 level and is showing positive signs.
Major Support Level – $685
Major Resistance Level – $735
Charts courtesy – SimpleFX
