Ether’s price is bouncing from important supports against the US dollar and bitcoin. ETH/USD now has to settle above $750.00 to extend the current bullish wave.
Ether’s price is holding key supports above $700.00 and is currently moving higher against the US dollar.
There is a crucial bullish trendline in place with support at $720.00 on the 6-hour chart of ETH/USD.
ETH/BTC is back above the 0.0800BTC pivot with a bullish angle.
Technically, the 2-hour chart indicators are attempting to move above their midlines.
Can ETH/USD Break $750?
ETH/USD completed the third wave of the recent downward correction above $700.00 and started an upward move. The pair gained bullish momentum and traded above the $720.00 resistance level.
ETH/BTC was also well bid, resulting in a push above a major resistance around the 0.0800BTC pivot level. The pair may perhaps continue to move higher toward the next resistance at 0.0820BTC.
Looking at the 6-hour chart of ETH/USD, the pair is holding a crucial support above $700.00. The price threatened to dip below $710.00 and $700.00, but buyers successfully defended losses. More importantly, there is a key bullish trendline in place with support at $720.00.
Therefore, should there be another downward push, Ether will most likely find buyers near $720.00, $710.00, and $700.00. On the other hand, the 2-hour chart of ETH/USD indicates a significant bearish trendline with resistance at $750.00.
A successful 2-hour close above the $750.00 resistance could push Ether’s price higher still. The next hurdle sits around the 50 percent Fibonacci retracement level of the last decline from the $833.91 high to $694.19 low at $665.00.
Any further gains will most likely drive the price toward the $800.00 level, and then to the last high near $830.00. Overall, the ongoing upward move may perhaps continue with an extension beyond $750.00, while a break below $720.00 should see ETH/USD resuming its short-term bearish trend.
Important Resistance Levels
$750.00 and $765.00
Important Support Levels
$720.00 and $700.00
The RSI is attempting to move above the 50 level.
The MACD is back in the bullish zone with a positive price action.
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets
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