ETH printed bullish pattern as of late and it is set to clear the $750 price level as It extended its rise and traded towards the $760 level and corrected the gains against the US dollar. The price is showing positive signs and looks ready to climb towards a new yearly high as we can see in today’s Ethereum news.
Ethereum’s price is trading well above the $730 and the 100 hourly simple moving average as ETH printed bullish breakout pattern forming with the resistance close to the $760 on the hourly charts of the pair with it being able to climb higher above the $750 and the $760 resistance levels. There was an upside extension in the BTC price above $29,000 which pushed ETH above the $740 resistance level with the price also spiking above the $750 level as it also settled above the 100 hourly simple moving average.
ETH traded to a new yearly high of $758 before starting a downside correction and broke below the $750 level as well with its price spiking below the 50% fib retracement of the recent increase from the $715 swing low to the $758 high. The bulls were able to defend the $730 zone and the price managed to stay stable above the 61.8% fib retracement of the recent increase at the $715 swing low to the $758 high.
It now seems that there’s a major bullish breakout pattern which formed near the resistance close to the $760 on the hourly charts of the pair. ETH/USD pair is consolidating above the $730 level and It could aim for a fresh increase above the $750 level with a clear break above the $760 resistance level being able to open the doors for more upsides in the near-term which is where the bulls could aim for a test of $800. If ETH fails to clear the $760 resistance it could correct lower with the initial support on the downside being near the triangle lower trend line at $738.
A downside break below the triangle support trend line could the price towards the $720 support zone with more losses possibly calling for a push to the $705 level and the 100 hourly SMA in the near-term. The hourly MACD for the pair is showing positive signs In the bullish zone while the hourly RSI is close to the 50 levels and the major support level is set at $730.