Ether’s price rose sharply against the US dollar and bitcoin. ETH/USD broke the $700.00 barrier, though it may perhaps correct lower in the short term.
Ether’s price surged higher and broke an important resistance at $700.00 against the US dollar.
Two bullish trendlines have formed with support at $690.00 and $682.00 on the 30-minute chart of ETH/USD.
ETH/BTC surpassed a major resistance at 0.0750BTC and is placed in a bullish zone.
Technically, the 2-hour chart indicators are retreating from the extreme overbought levels.
ETH/USD Correction Could be Limited
There was a sharp upward move in ETH/USD above $680.00. The pair succeeded in surpassing an important resistance at $700.00 and traded to a new monthly high of $711.49.
ETH/BTC also gained upward momentum and cleared the 0.0750BTC resistance. The pair is currently in a bullish zone but might correct lower in the short term toward 0.0720BTC.
Starting with the 30-minute chart of ETH/USD, there was a decent upward move and the pair spiked above the $700.00 level.
The last 30-minute candle is indicating a rejection pattern from the $711.49 high. On the downside, there are two bullish trendlines with support at $690.00 and $682.00. The second trend line is key, since it coincides with the $680.00 pivot level.
Any further declines below $650.00 could be limited, considering there is a crucial bullish trendline in place with support at $652.00 on the 2-hour chart of ETH/USD.
To the topside, a daily close above the $700.00 barrier may accelerate gains in Ether. The next major hurdle for buyers awaits near $750.00-755.00, followed by the monthly pivot level at $800.00.
Important Resistance Levels
$710.00 and $750.00
Important Support Levels
$680.00 and $650.00
The RSI is correcting lower from the overbought levels.
The MACD is showing signs of a short-term downward correction.
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 marketsETHNews is commited to its Editorial Policy
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