Ethereum’s price has gained support against the USD and Bitcoin. ETH has settled above the 750.00 USD mark to extend its bullish wave. The 2-hour chart indicators are technically attempting to move beyond their midlines. What’s more about Ether trades?
Can The ETH/USD Pair Break Above the 750 USD Mark?
The ETH/USD pair made the third wave of the downward correction beyond the 700.00 USD mark and started to maintain an upward shift. The couple also gained bullish momentum after trading above the 720.00 USD resistance levels. Ethereum was also well bid for which inevitably resulted in a push beyond a significant resistance near the 0.0800 Bitcoin pivot level. The digital currency may perhaps continue to shift higher and nearer to the next resistance at the 0.0820BTC level.
If we are to consider the 6-hour chart highlighting the ETH/USD pair, we will find that the pair is suddenly holding crucial support higher than the 700.00 USD mark. Although prices have threatened to dip to as low as 710.00 USD and 700.00 USD, because buyers are successfully defending losses, this didn’t happen. More importantly, is the essential bullish trendline with further support at the 720.00 USD resistance levels.
Should there be a new downward push, the digital currency will likely find buyers around 720.00 USD, 710.00 USD, and 700.00 USD. On the other hand, via the 2-hour chart, we can see a significant bearish trendline that has a 750.000 USD resistance. A 2-hour close higher than the 750.00 USD resistance could force Ether’s price even higher. The next road is around the 50% Fibonacci retracement level from the previous decline near the 833.91 USD high and 694.19 USD low at 665.00 USD.
Any additional gains will likely drive prices toward the 800.00 mark, even to the last high at 830.00 USD. Overall, the upward move that is ongoing may perhaps continue because of an extension beyond 750.00 USD, while on the other hand, a break below the 720.00 USD mark should see pair returning to its bearish trend.