Technically, the 2-hour chart indicators are attempting to move above their midlines.
Can ETH/USD Break $750?
ETH/USD completed the third wave of the recent downward correction above $700.00 and started an upward move. The pair gained bullish momentum and traded above the $720.00 resistance level.
ETH/BTC was also well bid, resulting in a push above a major resistance around the 0.0800BTC pivot level. The pair may perhaps continue to move higher toward the next resistance at 0.0820BTC.
Looking at the 6-hour chart of ETH/USD, the pair is holding a crucial support above $700.00. The price threatened to dip below $710.00 and $700.00, but buyers successfully defended losses. More importantly, there is a key bullish trendline in place with support at $720.00.
Therefore, should there be another downward push, Ether will most likely find buyers near $720.00, $710.00, and $700.00. On the other hand, the 2-hour chart of ETH/USD indicates a significant bearish trendline with resistance at $750.00.
A successful 2-hour close above the $750.00 resistance could push Ether’s price higher still. The next hurdle sits around the 50 percent Fibonacci retracement level of the last decline from the $833.91 high to $694.19 low at $665.00.
Any further gains will most likely drive the price toward the $800.00 level, and then to the last high near $830.00. Overall, the ongoing upward move may perhaps continue with an extension beyond $750.00, while a break below $720.00 should see ETH/USD resuming its short-term bearish trend.