Technically, the hourly chart indicators are slowly gaining pace in the bullish territory.
Can ETH/USD Break $700-710?
Yesterday, we saw a slightly bullish price action on the 30-minute chart of ETH/USD. The pair moved a few points higher and broke the $685.00 and $688.00 resistance levels. It is now trying to clear the $700.00 and $710.00 resistances.
On the other hand, there was no major movement in ETH/BTC. The pair seems to be consolidating in a tight range above 0.0830BTC with a few signs of a downward correction.
Starting with the hourly chart of ETH/USD, the pair formed a base at $657.71 and started an upward correction. It moved above the 38.2 percent Fibonacci retracement level of the last decline from the $718.30 high to $657.71 low.
During the upside, Ether’s price also broke a connecting bearish trendline with resistance at $684.00. It opened the doors for more gains, and the price attempted a close above the 50 percent Fibonacci retracement level near $689.00.
At the outset, ETH/USD is currently struggling to break an ascending channel resistance at $690.00-695.00. Should Ether clear the $695.00 resistance, it could test a crucial hurdle near $710.00 and two bearish trendlines on the 6-hour chart.
Looking at the 6-hour chart technical indicators, the price is currently recovering from the oversold conditions, but it remains in a bearish zone. Therefore, a solid upsurge in bullish momentum might be required for Ether buyers to clear the $710.00 resistance.
Overall, the current price action is short-term positive above $680.00, with a significant hurdle on the upside near $710.00.