Ether is showing bullish signs above $700.00 against the US dollar. ETH/USD must break $740.00 and $770.00 to remain in a positive zone and gain traction.
Ether extended gains and is trading above the $700.00 level against the US dollar.
There was a break above two bearish trendlines with resistance near $710.00 on the 2-hour chart ETH/USD.
ETH/BTC failed to hold gains above 0.0750BTC and declined.
Technically, the 2-hour chart indicators are slowly rising in the bullish territory.
ETH/USD Remains Supported above $700
In the weekly forecast, we discussed an important support near $640.00 in ETH/USD. The pair succeeded in holding this support and moved above the $700.00 level.
On the other hand, ETH/BTC failed to gain momentum and declined below 0.0750BTC. It seems like the pair may drop further toward the next support at 0.0720BTC.
Looking at the 30-minute chart of ETH/USD, the price action is bullish above $680.00. The pair settled above the $700.00 support and traded as high as $739.95. It is currently consolidating gains and is preparing for the next move.
On the downside, there is a key support forming near $710.00-725.00 and a bullish trendline on the same chart. The price may perhaps continue to hold the $700.00 support, which was a resistance earlier.
On the upside, a push above $740.00 would call for a test of the $770.00 resistance. Having said that, a successful close above $740.00 will most likely help buyers in clearing $770.00 for a test of $800.00.
Moving up to the 2-hour chart of ETH/USD, there was a break above two bearish trendlines with resistance near $710.00. This a positive sign and suggests that Ether’s price is now in a bullish zone above $700.00.
To sum up, the current price action calls for further gains in Ether as long as the price stays above the $700.00 support level.
Important Resistance Levels
$740.00 and $770.00
Important Support Levels
$725.00 and $710.00
The RSI is currently just above the 50 level.
The MACD is now back in the bullish zone.
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets
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