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

12/29/2020

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.

eth/usd
Source ETHUSD on TradingView.com

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 TradingView.com

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.