The price action of Ethereum is showing signs of bullish continuation against bitcoin and the US dollar. The value of Ethereum against the US dollar is well supported near the $750 and $740 mark. Technically, the indicators of the hourly charts are gradually rising higher in the bullish territory.
The Value of Ethereum Could Continue to Surge
There was an upside movement in the value of Ethereum against the USD, and it passed a key resistance at $750. The ETH/USD pair accelerated higher and it is presently settling over the support levels of $720, $740, and $750. Also, there were further gains in the value of Ethereum against Bitcoin, and it went above the 0.0810BTC mark, and it appears that ETH/BTC pair could move past the next resistance level at 0.0820BTC in a short while.
Beginning with the hourly chart of Ethereum against the US dollar, there is a continuous upward trend in place above the support of $700. Recently, the pair broke a major bearish trendline with a resistance level of $750, creating a better platform for more gains.
Challenges Encountered by Ethereum
Ethereum encountered a strong resistance close to the 50% retracement level of Fib of the last decline from $833 to $694 to $665. A successful close over this might increase the value of Ethereum towards the next resistance at $800. At the outset, a short-term bullish momentum is forming with a support level of $752.
If the value moves above that hurdle and $775, buyers will likely take charge of the market. On the other hand, the $750 level is a good support, accompanies by the support of a vital bullish trendline at $725. In general, selling pressure on ETH appears to have become less intense since the value of Ethereum settled above the $750 mark.