Key Highlights
- ETH price corrected lower after trading as high as $712.43 against the US Dollar.
- Yesterday’s highlighted two key bullish trend lines with current support at $675 and $665 are intact on the hourly chart of ETH/USD (data feed via Kraken).
- The pair remains well supported on the downside and it could bounce back above $700.
Ethereum price is positioned nicely for more gains against the US Dollar and Bitcoin. ETH/USD is recovering after a sharp downside correction towards $675.
Ethereum Price Supports
There were further gains above $685 in ETH price against the US Dollar. The price traded above the $700.00 level and formed a high at $712.43. Later, a downside correction was initiated from the $712.43 swing high and the price corrected below $690. It declined below the 23.6% Fib retracement level of the last upside wave from the $635 low to $712 high.
However, the decline was protected by the $675 support area. It seems like the 38.2% Fib retracement level of the last upside wave from the $635 low to $712 high acted as a strong support. More importantly, yesterday’s highlighted two key bullish trend lines with current support at $675 and $665 are intact on the hourly chart of ETH/USD. The pair is currently bouncing back from the $675 support and is currently trading at $700. It could soon break the $700 level again to retest the $712 swing high. There are even chances of a new high above the $712.43 level in the near term.
Looking at the chart, the price action above the $675 level is very positive. ETH buyers seem to be in control and the price remains elevated above $675 for more gains. Above the last high of $712.43, the price may perhaps break the $725 level.
Hourly MACD – The MACD is currently in the bearish zone with negative signs.
Hourly RSI – The RSI is currently moving higher and is above the 50 level.
Major Support Level – $675
Major Resistance Level – $712