Key Highlights
- ETH price gained traction recently and moved above the $680 resistance against the US Dollar.
- There is a key connecting bullish trend line forming with support at $680 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is positioned nicely above the $680 support and the 100 hourly simple moving average.
Ethereum price is back in a bullish zone against the US Dollar and Bitcoin. ETH/USD may continue to move higher and it could soon break the $712 high.
Ethereum Price Trend
A positive bias was initiated from the $625 support area in ETH price against the US Dollar. The price started an upside move and moved above the $645 and $660 resistance levels. It also moved above the 23.6% Fib retracement level of the last decline from the $712 swing high to $594 low. It indicates that the price may accelerate higher and it could soon break the last swing high at $712.
The upside move was such that the price even cleared the 76.4% Fib retracement level of the last decline from the $712 swing high to $594 low. These all are positive signs and suggests that the price is poised to accelerate further towards $725-740. On the downside, there is a key connecting bullish trend line forming with support at $680 on the hourly chart of ETH/USD. The same trend line support at $680 is positioned just above the 100 hourly simple moving average. Therefore, a break below the $680 and $670 support levels won’t be easy in the near term.
Looking at the chart, it seems like the price is likely to break the $705 and $712 levels to gain further. Any dips from the current levels remain supported above the $670 and $680 levels.
Hourly MACD – The MACD is slowly gaining pace in the bullish zone.
Hourly RSI – The RSI is currently around the 55 level and is showing positive signs.
Major Support Level – $670
Major Resistance Level – $712