- ETH price is moving nicely above the $700 support and the 100 hourly simple moving average.
- There is a new connecting bearish trend line forming with resistance at $738 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The pair is also forming a major horizontal support above the $665 level.
Ethereum price is struggling to move higher against the US Dollar and Bitcoin. ETH/USD needs to break $738-740 to gain upside momentum.
Ethereum Price Resistance
There was a nice upside move in ETH price on a couple of occasions against the US Dollar. The price traded towards the $740 and $750 levels, but failed to gain momentum above the mentioned levels. Recently, it traded as high as $740.99 and is currently moving lower. A new connecting bearish trend line with resistance at $738 on the hourly chart of ETH/USD prevented gains.
The pair is now below the 23.6% Fib retracement level of the last wave from the $664.48 low to $740.99 high. It seems like the pair might continue to decline in the near term toward $710-700. However, there is a major support around 710 and the 100 hourly simple moving average. The same $710 support is also around the 38.2% Fib retracement level of the last wave from the $664.48 low to $740.99 high.
If the pair fails to hold the $710 support and the 100 hourly SMA, then there are chances of it testing the $700 handle. Moreover, the 50% Fib retracement level of the last wave from the $664.48 low to $740.99 high is around $702. The most important support on the downside is around the $665, which held declines on many occasions.
Hourly MACD – The MACD is currently moving nicely in the bullish zone.
Hourly RSI – The RSI is currently moving lower toward the 50 level and it seems to be showing a few bearish signs.
Major Support Level – $710
Major Resistance Level – $738
Charts courtesy – SimpleFX
Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.