Technically, the 2-hour chart indicators are stable in the bullish territory.
Can ETH/USD Break Past $750?
There were further gains in ETH/USD above the $700.00 level. The pair traded above $750.00 but failed to gain momentum toward $800.00.
On the other hand, ETH/BTC failed to stay above the 0.0500BTC level and started a downside correction. The pair is currently trading near the 0.0450BTC support and is stable.
Starting with the 2-hour chart of ETH/USD, there was a break above a key bearish trendline at $690.00. The pair is now placed nicely above the 50 percent Fibonacci retracement level of the last decline from the $843.62 high to $487.64 low.
However, the pair is struggling to move above the $750.00-755.00 resistance area. A successful close above the mentioned $755.00 resistance could clear the path for a push toward the $800.00 level.
Looking at the 30-minute chart of ETH/USD, the pair is clearly struggling to move above the $755.00 resistance. It has started a downside correction and is about to close below two bullish trendlines on the same chart at $740.00.
The price will most likely correct further toward the $720.00 level, which is a nice support zone. Should there be a break below $720.00, there can be a test of the $700.00 level.
The overall market sentiment is positive, but Ether has to move above the $755.00 level to gain momentum toward $800.00. Above $800.00, ETH/USD will most likely test the $850.00 swing high. On the downside, the $720.00 and $700.00 levels are short-term supports.