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ETH Retreated Without Hitting $750 But 100SMA Remains The Key


ETH retreated without reaching the $750 price point as it started a downside correction from the $746 yearly high against the US dollar with the price aiming to find strong supports near the $684 and $675 levels as we can see more in today’s ethereum’s news.

The price is trading close to $700 before hitting a yearly high of $746 and starting a downside correction. ETH retreated without reaching $750 and it is now well above the 100 hourly simple moving average. There’s a major trend line forming with the support at $675 on the hourly charts of the pair which could resume the upward move as long as it stays above it.

Source ETHUSD on

There were more gains for ETH above $720 as the price gained momentum above $730 and settled well above the 100 hourly simple moving average. The price hit above the $740 level but failed to reach the $750 mark with a new yearly high forming near the $746 before the price went on a downside correction. There was a strong decline in XRP after which ETH followed. The price corrected below $720 which was also breaking below the 50% fib retracement level from the upwards move at $661 swing low to $746 high.

eth weekly close
The weekly close of Ethereum on the BTC pair is signaling a bottom, as presented by Michaël van de Poppe. Source ETHBTC on

The first key support on the downside was near the $684 level but there was also a major bullish trend line forming with support at $675 on the hourly charts of the pair. The 100 hourly SMA is close to the trend line support of $670 with more losses being able to bring the price below $650. If ETH stays above the $684 support or the trend line, it could start a fresh increase with the initial resistance on the upside being near the $715 level.

The first major resistance is also near the $720 level with a clear break above the $720 level could increase the chances of a fresh bullish wave. In the stated case, ETH will most likely test the $750 resistance. The MACD for the pair is losing momentum in the bullish zone while the RSI for the pair is below the 50 level.