- ETH price is moving back higher after testing the $670 support zone against the US Dollar.
- There was a break above a key bearish trend line with resistance at $702 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The pair might continue to move higher and it could even test the most important resistance at $750-760.
Ethereum price is slowly moving higher against the US Dollar and Bitcoin. ETH/USD might continue to rise towards the next major resistance at $750.
Ethereum Price Upside Hurdle
There were further declines in ETH price below the $700 level against the US Dollar. The price declined below the $675 level and tested the $670 support zone. A low was formed at $663 from where an upside wave was initiated. During the upside move, the price was able to break the 23.6% Fib retracement level of the last drop from the $761 high to $663 low.
Moreover, there was a break above a key bearish trend line with resistance at $702 on the hourly chart of ETH/USD. The pair gained upside momentum and was able to move above the 50% Fib retracement level of the last drop from the $761 high to $663 low. At the moment, the pair is attempting a close above the 100 hourly simple moving average and the $718 resistance. Once the pair settles above the 100 hourly SMA, there can be a break above $725.
ETH buyers need to push the price above the 61.8% Fib retracement level of the last drop from the $761 high to $663 low. Once they succeed, there are high chances that the price will test the $750 resistance. Above $750, the price could even test the $761 swing high.
Hourly MACD – The MACD is about to move back in the bullish zone.
Hourly RSI – The RSI has moved above the 50 level, which is a positive sign.
Major Support Level – $700
Major Resistance Level – $750
Charts courtesy – SimpleFX
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