Ethereum Prints Bullish Pattern, Why ETH Looks Set To Clear $750

0
89

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