Home Tech Ethereum Price Technical Analysis – ETH/USD to Retest $800?

Ethereum Price Technical Analysis – ETH/USD to Retest $800?

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Key Highlights

• ETH price is slowly moving higher and is currently above the $720 level against the US Dollar.

• There is a major bullish trend line forming with support at $710 on the hourly chart of ETH/USD (data feed via SimpleFX).

• The pair is now above the 100 hourly simple moving average and is moving towards $800.

Ethereum price is back in the bullish zone against the US Dollar and Bitcoin. ETH/USD might gain further in the near term towards the $800 level.

Ethereum Price Support

It seems like another support base was formed at $615 in ETH price against the US Dollar. The price has moved above the $650 level and the 100 hourly simple moving average. The best part is a close above the 50% Fib retracement level of the last decline from the $838 high to $475 low. The current price action is positive above the $700 level and it looks like the price might continue to head higher.

On the downside, there is a major bullish trend line forming with support at $710 on the hourly chart of ETH/USD. The trend line is also around the 100 hourly SMA at $690, which is a key support area. At the moment, the price is struggling to move above the 76.4% Fib retracement level of the last decline from the $838 high to $475 low. Once there is a close above the $752 level, there can be more gains above the $780 level. The next major resistance is around the $800 level. The last one is around the $830 swing high.

On the downside, the $700 level is a decent support. However, the $680 level and the 100 hourly SMA is a good buy zone.

Hourly MACD – The MACD is now back in the bullish zone.

Hourly RSI – The RSI is moving higher and is heading towards the 65 level.

Major Support Level – $680

Major Resistance Level – $752

Source:www.newsbtc.com