ETH settled at $730 after starting a strong increase above the $680 resistance levels recently as we reported previously in the ETH price news.
The price is now trading nicely above the $700 and the 100 hourly simple moving average with a key bullish trend line forming with support close to the $655 on the hourly chart of the ETH/USD which could resume the upward movement to the $750 resistance level. ETH settled at $730 after forming a support base above $620 where ETH saw a strong increase from above the $650 resistance level. Ethereum’s price remained well above the $650 level which settled nicely above the 100 hourly simple moving average.
During the increase, there was a break above the rising channel with the resistance near the $662 on the hourly chart of the pair. ETH/USD opened the doors for more upsides above the $680 and $700 resistance level with the price trading to a new yearly high of $717 before starting a consolidation phase. It’s now consolidating above the $700 level and tested the 23.6% fib retracement level from the recent increase at the $663 swing low to the $717 high.
There are a few supports forming on the downside and they start at $690. It is close to the 50% fib retracement level from the recent increase at the $663 swing low to the $717 high. On the upside, the $720 resistance zone is a major hurdle for the bulls with a clear break above the $720 resistance will most likely provide an open path for more upsides. The next major resistance is set at $750 above which the coin could test $765.
If ETH fails to surpass these levels, it could correct lower with the initial support on the downside nearing the $696 level. The first major support is close to the $690 level with the main support is now forming near the $650 level with a key bullish trend line forming with the $655 on the charts. The MACD for ETH/USD is gaining momentum in the bullish zone with the RSI for the pair being above the 50 levels. The major support level is set at $690 and the major resistance level is also set at $720.
ETH saw some rough price action as of late with the cryptocurrency being exposed to Bitcoin’s downside without being able to capture some of it. This caused the price to push lower over the past few weeks against BTC with the pair looking bearish as it continues dropping below the key support levels.