Key Highlights
- ETH price has recovered well and is currently trading above the $680 pivot zone against the US Dollar.
- There was a break above a bearish trend line with resistance at $670 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The pair is now positioned nicely to gain further in the near term above $700.
Ethereum price looks like completed a correction against the US Dollar and Bitcoin. ETH/USD might recover further above $700 in the near term.
Ethereum Price Resistance
Recently, we saw a lot of swing moves in ETH price above $550 against the US Dollar. The price corrected towards the $740 level where it faced sellers and started a downside move once again. It traded below the 23.6% Fib retracement level of the last wave from the $475 low to $739 high. The downside move was mostly a correction wave as it remained supported above the $570 level.
There was a complete test of the 50% Fib retracement level of the last wave from the $475 low to $739 high. It was a positive sign and after testing the $605 support area, the price started a fresh upside wave. It has moved above the $680 pivot and is slowly gaining momentum. During the upside move, there was a break above a bearish trend line with resistance at $670 on the hourly chart of ETH/USD. It has opened the doors for more gains and the pair has move above the $700 level.
At the moment, the price is attempting a break above the $705 resistance and the 100 hourly simple moving average. Once there is a close above the 100 hourly SMA, the price could gain further traction towards the $740 level.
Hourly MACD – The MACD is moving back in the bullish zone.
Hourly RSI – The RSI is moving higher and is nicely placed above the 50 level.
Major Support Level – $680
Major Resistance Level – $740
Charts courtesy – SimpleFX