Key Highlights
- ETH price is moving nicely above the $700 support and the 100 hourly simple moving average.
- There is a new connecting bearish trend line forming with resistance at $738 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The pair is also forming a major horizontal support above the $665 level.
Ethereum price is struggling to move higher against the US Dollar and Bitcoin. ETH/USD needs to break $738-740 to gain upside momentum.
Ethereum Price Resistance
There was a nice upside move in ETH price on a couple of occasions against the US Dollar. The price traded towards the $740 and $750 levels, but failed to gain momentum above the mentioned levels. Recently, it traded as high as $740.99 and is currently moving lower. A new connecting bearish trend line with resistance at $738 on the hourly chart of ETH/USD prevented gains.
The pair is now below the 23.6% Fib retracement level of the last wave from the $664.48 low to $740.99 high. It seems like the pair might continue to decline in the near term toward $710-700. However, there is a major support around 710 and the 100 hourly simple moving average. The same $710 support is also around the 38.2% Fib retracement level of the last wave from the $664.48 low to $740.99 high.
If the pair fails to hold the $710 support and the 100 hourly SMA, then there are chances of it testing the $700 handle. Moreover, the 50% Fib retracement level of the last wave from the $664.48 low to $740.99 high is around $702. The most important support on the downside is around the $665, which held declines on many occasions.
Hourly MACD – The MACD is currently moving nicely in the bullish zone.
Hourly RSI – The RSI is currently moving lower toward the 50 level and it seems to be showing a few bearish signs.
Major Support Level – $710
Major Resistance Level – $738
Charts courtesy – SimpleFX
