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Home Latest News Ethereum ETH Looks Set To Clear $750

ETH Looks Set To Clear $750

Before correcting lower towards the US Dollar, Ethereum extended its rise and traded towards $760. The price of ETH shows positive signs, and $750-$760 is expected to clear.

There was an upside rise in the price of bitcoin over $ 29,000, bringing Ethereum above the level of resistance of $ 740. The price of ETH also soared above the $750 mark and settled nicely above the simple moving average of 100 hourly.

Before starting a downside correction, it traded to a yearly high at $758. A break below the $750 level occurred. In the recent rise from the $715 swing low to $758 high, the price of Ether also spiked below the 50 percent Fib retracement mark.

However, The bulls were capable to protect the $730 zone. The price of the recent rise from the $715 swing low to $758 high has stayed steady above the 61.8 percent Fib retracement mark.

According to newsbtc.com, it seems that on the ETH/USD hourly scale, there is a big bullish breakout trend forming with resistance around $760. The pair is currently consolidating around $730 and may be looking for a new rise above the level of $750. A strong break above the level of resistance of $760 could open the doors in the near term for further upsides. In the case stated, a test of $800 is likely to be aimed at the bulls.

If ethereum fails to clear the resistance zone of $760, it could lower the correction. Near the lower trend line triangle and $738, an initial support on the downside.

A downside fall below the trend line of triangle support could lead the price of ether towards the support zone of $720. In the near term, any more losses may call for a drive towards the $705 level and the 100 hourly SMA.

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SourceNewsBTC

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