Ethereum Price Technical Analysis ETH/USD Gaining Momentum

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 wont 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

The post Ethereum Price Technical Analysis ETH/USD Gaining Momentum appeared first on NewsBTC.

29.04.2018 / 22:05 86
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