Ethereum extended its surge and traded towards $ 760 before correcting against the US dollar. ETH price is showing positive signs and should be somewhere between $ 750 and $ 760.
- Ethereum is trading in positive zone and recently hit a new annual high of $ 758.
- The price is now trading well above $ 730 and the 100-hour simple moving average.
- A strong bullish breakout pattern is forming on the hourly chart of ETH / USD (data feed via Kraken) with resistance near USD 760.
- The pair is likely to remain above the $ 750 and $ 760 resistance levels in the short term.
Ethereum Price Eyes More Upsides
Bitcoin price surged more than $ 29,000, pushing Ethereum above the $ 740 resistance level. The ETH price even surged above the $ 750 level and was well above the 100-hour simple moving average.
It was trading at a new annual high of $ 758 before beginning a downward correction. There was a break below the $ 750 level. The ether price was even below the 50% fib retracement level of the recent spike from $ 715 to $ 758.
Source: ETHUSD on TradingView.com
However, the bulls managed to defend the $ 730 zone. The price also remained stable above the Fib retracement level of 61.8% of the recent move from $ 715 to $ 758.
It appears that a strong bullish breakout pattern is forming on the hourly chart of ETH / USD with resistance near USD 760. The pair is currently consolidating above the $ 730 level and could aim for another move above the $ 750 level. A sharp break above the USD 760 resistance level could open the doors to further upside in the short term. In the given case, the bulls are likely to aim for a test of $ 800.
Dips supported at ETH?
If Ethereum fails to clear the $ 760 resistance zone, it could correct lower. Initial support to the downside is near the lower triangle trendline and at USD 738.
A downside break below the triangle support trendline could lead the ether price towards the USD 720 support zone. Further losses could require a push towards $ 705 and 100-hour SMA in the short term.
Technical indicators
Hourly MACD – – The MACD for ETH / USD shows positive signs in the bullish zone.
Hourly RSI – – The RSI for ETH / USD is currently close to the 50 level.
Main support tier – $ 730
Main Resistance Level – $ 760
