Ethereum Price Technical Analysis – Can ETH/USD Move Higher? — Nigeria Today
Pages Navigation Menu

Latest and breaking news, sports and all that is trending today

Ethereum Price Technical Analysis – Can ETH/USD Move Higher?

Key Highlights

  • ETH price is slowly gaining pace from the $677 swing low against the US Dollar.
  • There is a connecting bullish trend line forming with current support at $685 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair has to move above the 100 hourly simple moving average and $710 to gain traction.

Ethereum price is slowly rising higher against the US Dollar and Bitcoin. ETH/USD may climb higher in the near term above the $710 level.

Ethereum Price Resistance

Yesterday, there was a downside move, but it was contained by the $677 level in ETH price against the US Dollar. The price was seen struggling, but buyers succeeded in preventing any major breakdown towards $620. A low was formed at $677 recently and the price is currently correcting higher. It has moved above the 23.6% Fib retracement level of the last decline from the $739 high to $677 low.

However, there are many barriers on the upside for buyers around $708-710. The 100 hourly simple moving average is positioned near $710. Moreover, the 50% Fib retracement level of the last decline from the $739 high to $677 low is at $708. Therefore, a break above the $708-710 is needed for buyers to gain upside momentum in the near term. Above $710, the next major resistance is near $735 and $737. The stated $735 level acted as a resistance on many occasions, and it may continue to prevent gains.

Ethereum Price Technical Analysis ETH USD

On the downside, there is a connecting bullish trend line forming with current support at $685 on the hourly chart of ETH/USD. The pair remains supported on the downside around $685. However, it must rise above $710 to avoid a downside reaction in the near term.

Hourly MACD – The MACD is gaining pace in the bullish zone.

Hourly RSI – The RSI is now placed nicely above the 50 level with positive signs.

Major Support Level – $685

Major Resistance Level – $710

 

Charts courtesy – Trading View

The post Ethereum Price Technical Analysis – Can ETH/USD Move Higher? appeared first on NewsBTC.

Follow us on twitter @NigeriaTodayNG

Also, Like us on facebook

This post was syndicated from NewsBTC. Click here to read the full text on the original website.

Comments

avatar
  Subscribe  
Notify of
Download the Nigeria Today app from Play store. Click here download now
Hello. Add your message here.