The value of Ethereum began an upward acceleration against Bitcoin and the U.S. dollar. The value of Ethereum (ETH) against the US dollar is $700, and the value may further increase towards $730. The digital currency has seen some downward movements in the last couple of weeks, but it’s recovering now and has broken the $700 support level.
The Trend of Ethereum Price
In the last 24 hours, the value of the digital currency experienced a significant decline and went below $700. The value of the cryptocurrency was close to the $675 mark, and it formed a low at $677. A few hours later, the value started consolidating gains over $675 before beginning an upward movement.
It appears like the 62 percent Fibonacci retracement level of the previous wave from the low of $636 to the high of $742 acted as a fair support and prevented more losses. In the cause of the recent correction, the value surged above the resistance of $692.
The Digital Currency Broke its Resistance at $700
The value also broke above the contracting triangle pattern with $700 resistance on the one-hour chart of Ethereum against the USD. Later, the digital currency broke a resistance at $708 and the 100-hourly simple moving average.
Also, during the last decline from the high of $740 to the low of $677, buyers pushed the value over the 50 percent Fibonacci retracement level. The latest price action of the digital currency indicates that the value managed to recover kindly over the $700. Nevertheless, there are still a lot of hurdles for buyers close to $725.00 and $730.00.
The MACD is back in the bullish area based on the hourly MACD. The hourly Relative Strength Index (RSI) is now well above the 50 level. The key support level of the digital currency is now $700, and the key resistance level is $725.