Ethereum Price Analysis: Can ETH/USD Recover Further?



Key Highlights

  • ETH price found support near the $677 level and started an upside correction against the US Dollar.
  • There was a break above a contracting triangle pattern with resistance at $700 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is now moving higher and it may test the $725 and $730 resistance levels in the near term.

Ethereum price started an upside move against the US Dollar and Bitcoin. ETH/USD is currently trading above $700 and it may correct further higher towards $725-730.

Ethereum Price Trend

Yesterday, we saw a major downside move below $700 in ETH price against the US Dollar. The price traded close to the $675 level and formed a low at $677. Later, the price started consolidating gains above $675 before starting an upside move. It seems like the 61.8% Fib retracement level of the last wave from the $636 low to $742 high acted as a decent support and protected further losses.

During the recent correction, the price moved above the $692 resistance. There was also a break above a contracting triangle pattern with resistance at $700 on the hourly chart of ETH/USD. Later, the pair managed to break the $708 resistance and the 100 hourly simple moving average. Buyers also pushed the price above the 50% Fib retracement level of the last decline from the $740.18 high to $677.12 low. The recent price action suggests that the price managed to recover nicely above $700. However, there are still many hurdles for buyers near $725 and $730.

Looking at the chart, the price is currently struggling to break the 61.8% Fib retracement level of the last decline from the $740.18 high to $677.12 low. A break above the $725 and $730 resistance levels will most likely open the doors for more gains towards $742-745.

Hourly MACD – The MACD is back in the bullish zone.

Hourly RSI – The RSI is now well above the 50 level.

Major Support Level – $700

Major Resistance Level – $725



Source link

Comments (No)

Leave a Reply

Get more stuff like this
in your inbox

Subscribe to our mailing list and get interesting stuff and updates to your email inbox.

Thank you for subscribing.

Something went wrong.