Technically, the 2-hour chart indicators are moving nicely in the bullish territory.
Ether’s Price is Testing Crucial Support
It was a good start to the week as ETH/USD moved higher and it recently traded above the $725.00 resistance level, but it failed to move above the $750.00 resistance.
Looking at the 30-minute chart of ETH/USD, there was a decent rally from the $682.25 low. The pair gained traction and moved above the $720.00 and $730.00 resistance levels. However, buyers faced a tough fight around the $750.00 resistance.
The price failed near a connecting resistance trendline at $748.90 on the 30-minute chart, and started a downside move. It declined below the 23.6 percent Fibonacci retracement level of the last wave from the $682.25 low to $748.90 high.
However, the downside move was protected by the $710.00 support and a bullish trendline on the same chart. ETH/USD is holding the $710.00 support and the 50 percent Fibonacci retracement level of the last wave from the $682.25 low to $748.90 high.
It seems like Ether’s price will most likely recover in the near term above $730.00. Above the stated $730.00, the price could head toward the all-important $750.00 resistance.
On the flip side, a break of the $710.00 and $700.00 support levels would increase the bearish pressure on Ether. The 2-hour chart of ETH/USD also suggests the significance of the $700.00 support and $750.00 resistance.
Therefore, the next major move could be either above $750.00 or below $700.00. Looking at the current technical indicators and market sentiment, it seems like Ether will most likely attempt an upside break above $750.00.