Ethereum Price Analysis: Can ETH/USD Recover Further?

Key Highlights


ETH price found support near the $677 level and started an upside correction against the US Dollar.
There was a break above a contracting triangle pattern with resistance at $700 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is now moving higher and it may test the $725 and $730 resistance levels in the near term.

Ethereum price started an upside move against the US Dollar and Bitcoin. ETH/USD is currently trading above $700 and it may correct further higher towards $725-730.

Ethereum Price Trend

Yesterday, we saw a major downside move below $700 in ETH price against the US Dollar. The price traded close to the $675 level and formed a low at $677. Later, the price started consolidating gains above $675 before starting an upside move. It seems like the 61.8% Fib retracement level of the last wave from the $636 low to $742 high acted as a decent support and protected further losses.

During the recent correction, the price moved above the $692 resistance. There was also a break above a contracting triangle pattern with resistance at $700 on the hourly chart of ETH/USD. Later, the pair managed to break the $708 resistance and the 100 hourly simple moving average. Buyers also pushed the price above the 50% Fib retracement level of the last decline from the $740.18 high to $677.12 low. The recent price action suggests that the price managed to recover nicely above $700. However, there are still many hurdles for buyers near $725 and $730.

Looking at the chart, the price is currently struggling to break the 61.8% Fib retracement level of the last decline from the $740.18 high to $677.12 low. A break above the $725 and $730 resistance levels will most likely open the doors for more gains towards $742-745.

Hourly MACD The MACD is back in the bullish zone.

Hourly RSI The RSI is now well above the 50 level.

Major Support Level $700

Major Resistance Level $725

The post Ethereum Price Analysis: Can ETH/USD Recover Further? appeared first on NewsBTC.

16.05.2018 / 22:05 82
Ethereum Price Technical Analysis  ETH/USD Eyes More Gains Ethereum Price Technical Analysis
Key Highlights ETH price traded higher and broke a major resistance at $385 against the US Dollar. There is a new connecting bullish trend line
Ethereum Classic Price Technical Analysis  Can ETC/USD Break $15? Ethereum Classic Price Technical
Key Highlights Ethereum classic price started a nice upside reaction after trading as low as $13.02 against the US dollar. There was a break above a
Cardano Price Technical Analysis  Can ADA/USD Correct Higher? Cardano Price Technical Analysis Can
Key Highlights ADA price settled below the $0.1600 level and it is currently in a bearish zone against the US Dollar (tethered). There is a major
Ethereum Price Technical Analysis  ETH/USD Consolidating Losses Ethereum Price Technical Analysis
Key Highlights ETH price is currently correcting higher and it is trading near the $600 level against the US Dollar. There is a key bearish trend
Ethereum Price Technical Analysis  ETH/USD Struggling Near 100 SMA Ethereum Price Technical Analysis
Key Highlights ETH price is trading in a range above the $680 support level against the US Dollar. There is a contracting triangle forming with
Ethereum Price Technical Analysis  ETH/USD Recovery Underway Ethereum Price Technical Analysis
Key Highlights ETH price started a fresh upside move from the $826 swing low against the US Dollar. There was a break above a crucial bearish trend
Comments (0)
Add a comment
Comment on