Ether’s price action is indicating bullish continuation against the US dollar and bitcoin. ETH/USD remains well supported near $750.00 and $740.00.
Ether’s price gained traction and broke a key resistance at $750.00 against the US dollar.
A short-term bullish flag is forming with support at $752.00 on the 2-hour chart of ETH/USD.
ETH/BTC is moving higher and it could break the 0.0820BTC resistance.
Technically, the 2-hour chart indicators are slowly rising higher in the bullish territory.
ETH/USD Could Continue to Rise
There was an upward acceleration in ETH/USD past a major resistance at $750.00. The pair moved higher and is currently stabilizing above the $750.00, $740.00, and $720.00 support levels.
Similarly, there were further gains in ETH/BTC above the 0.0810BTC level, and it seems like the pair could accelerate past the next resistance at 0.0820BTC in the near term.
Starting with the 2-hour chart of ETH/USD, there is a steady uptrend in place above the $700.00 support. The pair recently broke a key bearish trendline with resistance at $750.00, opening the door for more gains.
However, Ether faced a strong resistance near the 50 percent Fibonacci retracement level of the last slide from the $833.91 high to $694.19 low at $665.00. A successful close above this may perhaps push the price toward the next key hurdle at $800.00.
At the outset, there is a short-term bullish flag forming with support at $752.00 on the same chart. Should the price move past the flag resistance and $775.00, buyers are likely to take control.
On the flip side, the $750.00 region is a decent support, followed by a crucial bullish trendline supported at $725.00. An intermediate support is seen on the 30-minute chart at $740.00.
Overall, selling pressure on Ether seems to have abated since ETH/USD settled above $750.00. The main trend is bullish and resistances are seen at $765.00 and $770.00, while support awaits at $750.00 and $740.00.
Important Resistance Levels
$765.00 and $770.00
Important Support Levels
$750.00 and $740.00
The RSI is correcting lower from the 70-75 region.
The MACD is showing positive signs 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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