Key Highlights
- ETH price found a strong support around $705 and recovered more than $40 against the US Dollar.
- There was a break above yesterday’s highlighted bearish trend line with resistance at $735 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair now has to settle above the 100 hourly simple moving average and the $758 resistance.
Ethereum price is back in a positive zone against the US Dollar and Bitcoin. ETH/USD is currently struggling to break the $758 resistance, which is a major hurdle.
Ethereum Price Upside Hurdle
There was a decent support base formed near $705 in ETH price against the US Dollar. The price started trading higher and moved above the $725 and $730 resistance levels. It also traded above the 38.2% Fib retracement level of the last drop from the $776 high to $705 low. It set the pace for more gains and the price was able gain strength above the $725 pivot level.
Later, there was a break above yesterday’s highlighted bearish trend line with resistance at $735 on the hourly chart of ETH/USD. It pushed the price above the 100 hourly simple moving average and the $745 resistance. More importantly, there was a break above the 61.8% Fib retracement level of the last drop from the $776 high to $705 low. At the moment, the price is facing a tough hurdle near the $758-760 levels, which was a support earlier. A proper close above $758 would open the doors for more gains towards the $792 level.
Looking at the chart, the price is placed nicely above the broken trend line and $740. As long as buyers remain in action, there could be an upside move above $758 in the near term. On the downside, supports are at $745, $740 and $725.
Hourly MACD – The MACD is slowly moving in the bullish zone.
Hourly RSI – The RSI is now placed nicely above the 50 level.
Major Support Level – $725
Major Resistance Level – $758