There was a minor upward shift yesterday above 700 USD in ETH prices. However, the price wasn’t able to move beyond the 720 USD resistance level. It traded at 719.77 USD before it began moving downward. The price sharply declined and moved beneath the 700 USD support level. There was a break down on the ascending channel which gained support at 690 USD on the hourly chart.
ETH/USD Price Analysis
The ETH/USD pair traded below 670 USD to form a low at 656.16 USD. It is consolidating losses beyond 656 USD currently. The 23.6% Fibonacci retracement level from the previous decline from 719 USD to 656 USD is acting as resistance. However, there are barriers on the upside close to 690 USD. The stated 690 USD level stood as support earlier, and it is now likely to prevent upward moves.
Can The ETH/USD Pair Gain Momentum?
The previous sessions were quiet with ranging moves. The pair retested support at 675.00 USD -670.00 USD before correcting higher. There is consolidation. Beginning with the 6-hour chart, the ETH/USD pair made a pattern and faced rejections at 770.00 USD, 760.00 USD, 740.00 USD and 720,00 USD. On the upside, there’s a bearish pattern in place with a 725.00 USD resistance.
A successful break above the pattern will clear the path for digital currency buyers to take control of trade. The next key hurdle is at 740.00 USD, above which, ETH’s price could accelerate beyond 750.00 USD toward 770.00 USD. On the downside, there’s a short-term bullish pattern forming with support at the 692.00 USD level on the 6-hour chart. Should prices decline below this level, there may be a pullback to the 650.00 USD support area.
Moving to the 2-hour chart, the ETH/USD pair appears to be trading with support at 676.00 USD and with a resistance of 740.00 USD. Prices are lacking directional strength, which suggests more ranging shifts in the short term. Looking at the flip side, any break below the 692.00 USD support level would aim for 676.00 USD range support and 650.00 USD.